Citi discusses the USD outlook around tomorrow's June NFP print.
"USD has emerged triumphant after month/quarter end, though we suspect much of this move is positioning/flow driven. Our conviction is further strengthened if key levels hold in the likes of EURUSD," Citi notes.
"Given the importance of NFP, CitiFX Strategy think there will be outsized currency volatility around the June print, especially in the event of a major surprise. The setup going into the number suggests two-way risks for the USD," Citi adds.