 The US dollar has given back most of its gains and the initial hawkish reaction to the non-farm payrolls report has been largely erased.That probably reflects that non-farm payrolls are a lagging indicator and that the Fed has already signaled slowing rate hikes to 50 bps. In short, the report wasnt strong enough to change anything, at least not yet. In addition, there was already a trend towards a weakening dollar this week and the market has gotten back to that.Or maybe there... 