Institutions: Strong non-farm payrolls data failed to stem the dollar's decline; bearish sentiment is "deeply entrenched."

Despite signs of resilience in the U.S. labor market suggesting the Federal Reserve may remain on hold for an extended period, the dollar continued to weaken. Corpay strategist Carl Shamotta stated, "This indicates that bearish sentiment is deeply entrenched and serves as a warning to those, including ourselves, who expect strong U.S. fundamentals to provide support. By historical standards, the dollar's decline so far has been modest, and further downside potential remains if market sentiment does not change." (Jinshi)