Dollar index erases NFP gains, now 99.12

The rapid unwinding of post-NFP dollar strength signals that the jobs report's initial impact was short-lived, pointing to underlying fragility in sentiment rather than a durable shift in rate expectations. This matters for traders and hedgers exposed to USD pairs, as it suggests the market is recalibrating quickly on macro data, possibly weighing other factors beyond payrolls. The key question is whether the dollar can hold above the 99 handle or if this reversal marks the start of a broader trend, with upcoming catalysts likely to test conviction.