EUR/USD, USD/JPY flows: USD Down After Payrolls

The February U.S. employment report overall is weak than expected with the 92k drop in the non-farm payroll and rise in the unemployment rate to 4.4% (Retail sales were close to consenus).  This has hurt the USD, as it reawakens concerns around the labor market and will likely pause the rise in short-dated U.S. Treasury yields on the oil price surge.  The USD dip may not last however, as the surge in oil prices today is both pushing U.S. yields higher and keeping a risk off bias.