The dollar strengthened yesterday after the January payrolls blew past expectations. Health care led the way with 82,000 new roles, and construction added another 33,000. But the Bureau of Labor Statistics also confirmed that nearly 900,000 fewer jobs were created in 2025 than originally reported – one of the largest downward revisions on record. The headline was strong; the backstory less so. Fed rate cut expectations have been pushed back to July, though another month of mixed signals could easily change that.
EUR/USD: the past year
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