XE Market Analysis: North America – May 07, 2021

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The dollar has been on a back foot today after a several-day period of up-then-down price action. The 10-year Treasury yield has nudged 1 bp higher, back above 1.580%, which is near the midway point of the range that has been seen over the last couple of weeks. The U.S. jobs report looms. A strong — 890k headline increase — is backed in. We are slightly below the consensus in forecasting a headline rise of 850k. Hourly earnings are seen rising 0.2% versus -0.1% previously, and the unemployment rate should dip to 5.7% from 6.0%, the lowest since March of 2020.