The dollar has been on the retreat since last Wednesday’s Fed meeting, without much in the way of data this week to give it fundamental support. Realistically, the turn to the downside for the dollar happened after Friday’s weaker than expected jobs data. But, like we warned ahead of the data release, the NFP forecasts might not have been capturing the growing weakness in the jobs market. The issue is that the April jobs data was sort of out of line with prior readings. But also not entirely unexpected. Which means that there are still a substantial number of traders who hope that the figures could be just a one-off, ... (full story)