All in all, our 210k call for payrolls means we do not expect today’s data to dent the bearish dollar momentum as markets may fully price in a cut in September and keep short-term USD rates capped. CFTC data shows net-speculative positioning on the dollar versus reported G10 currencies was at 24% of open interest, the highest since June 2019, so the room for a further long squeeze in the dollar remains substantial should US data soften over the coming weeks.