Everything revolves around data today. Over the past hour, we’ve seen the dollar fall on poor manufacturing data and then rebound on strong job creation numbers.
GBP/USD shows the round trip.
This graph probably underestimates the magnitude of the movements. On most charts, the US Dollar is above where it was before the manufacturing data, as the Fed is more inclined to be swayed by the JOLTS numbers.
The odds of a Fed rate hike now stand at around 66% from 61% at the start of the day.