FX Update: The Dollar has mostly traded in narrow ranges
FX Update: The Dollar has mostly traded in narrow ranges so far today, consolidating at softer levels after coming off highs yesterday. The Australian Dollar rallied on a stronger than expected Australian jobs report, which showed employment rising 50.9k in June from an upwardly revised 13.4k gain in the month prior. AUD-USD rallied to a high of 0.7441, subsequently drifting back to the 0.7410 area. EUR-USD settled in the mid 1.1600s, coming under some pressure into the London interbank open, after yesterday posting a two-week low at 1.1601. USD-JPY made time in the upper 112.00s after yesterday capping out at 113.13, which is the loftiest level the pairing has seen since January. USD-CNY, meanwhile, posted a near one-year low. Analysts retain a generally bullish view of the dollar, rooted on the strong U.S. economy and the Fed's course to further rate hikes.