The US dollar has broken through highs and hit our exact target at 109.86, before retracing slightly. The headline Nonfarm payrolls today was a miss, suggesting weakness in the economy which might effect the rate hike probabilities slightly, but we are still expected to see a 50-75 bps rate hike this month. That being said, the hawkishness of the Fed is likely to be completely priced into the forex market soon, and the dollar may be topping off. If we do see another rally, then 110.20 is the next target. Otherwise, we should see support from the 108's, at 108.50 in particular.
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