Credit Agricole CIB FX Strategy Research argues that today's US data is unlikely to have material impact on rate expectations and/or the greenback.
"When it comes to the USD we believe that more evidence with respect to rising upside risks to inflation is needed in order to make a case of more sustained currency upside. This is regardless of intensifying speculation as when it comes to a decision with respect to a more hawkish Fed President in the coming few weeks," CACIB argues.
"As such we expect USD upside to prove limited from here and stay in favour of selling rallies, for instance against the EUR," CIBC advises.
In line with this view, CACIB maintains a long EUR/USD* position targeting a move towards 1.22.