The Fed's Lockart doubled down on the importance of jobs in the Fed's thinking on Wednesday so it was no surprise to see the dollar lag after a soft ADP report. Only the antipodean currencies lagged USD as iron ore and milk tumbled while the Swiss franc led the way. Key data from Australian and Japan is up next. Premium clients received 2 new trades related to the Aussie. 1 of the trades is in progress and already 115 pips in the money.
On Friday, Yellen expressed a preference for jobs numbers the top metric to determine when the Fed will hike and comments from the Atlanta Fed's Lockhart shows she isn't alone. He said employment measures should be watched more closely than growth in deciding liftoff as he continued to hint at a June-Sept window.