Non-farm payrolls were released today and the number was definitely positive, +215k new jobs. But was it positive enough to give new momentum to the rising USD? It was higher than last July’s number of +203k but way lower than the peak in November 2014 of +423k new jobs. It’s is also the second consecutive decline in a row after September’s release at +260k. The USD increased against most markets after the number but the bounced back and lost all ground made straight after the release. Euro went from 1.0949 to 1.0858 in the first 30 min after data, it is now trading at 1.0966. Cable went from 1.5531 to 1.5423 and is now trading at 1.54905. The USD against the yen went from 124.29 to 125.06 and is now trading at 124.153. I cannot see a great deal of belief by the market that this number is the kind of number that will make the FED hike rates in September, it will probably take a very high increase for September payrolls for the FED to act, In the meantime the USD is overbought against many currencies, and most will warrant a technical correction. USD Bulls should probably be prepared for a lower USD during the next week or two.