The dollar fell but then recovered as traders tried to pin a narrative on a decidedly ambiguous jobs report.
Absence of strong upside follow-through suggests bullish conviction may be weakening.
CIBC says the U.S. dollar is likely to weaken into the first half of 2026 before stabilising and recovering later in the year, describing its outlook as "U-shaped".
The pound retreats from recent highs against the dollar, but the trend still favours further upside.
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