“The market has drawn even more conviction from the weaker-than-expected non-farm payrolls (NFP) data that the Fed will not be tapering the size of its monthly asset purchases until next year,” Rabobank analyst Jane Foley said in the GlobalPost article. “The dollar has been pushed even further onto the backfoot and this will lead to even further support for euro/dollar.”
The CurrencyShares Euro Trust (NYSEArca: FXE) gained 0.8% Tuesday.
“You’ve seen confirmation in a lot of dollar pairs,” O’Connor added. “We’re set up for a broader-dollar-weakness story that will continue to develop.”
PowerShares Dollar Bull ETF
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Max Chen contributed to this article.