The U.S. jobs report made plenty of investors happy—but dollar traders were left in the dust. Here's how to use currencies to trade on the news. Hint: go across the border.
How about those 216,000 new jobs? Pretty nice, huh?
"We've got the biggest kahuna on the planet, the U.S. economy, growing and creating jobs," said Andrew Busch, global currency and public policy strategist for BMO Capital Markets, speaking to CNBC's Melissa Lee.
Not only that, business sentiment is remarkably strong, said Rebecca Patterson, global head of currencies and commodities for J.P. Morgan's private bank.
But the dollar didn't share in the party, thanks to dovish comments from a Fed official and the perception that any U.S. interest rate hikes are quite a ways off despite the jobs figures.
"We're really thinking the Fed is not going to raise rates that soon," Patterson said.
So how can you use currencies to trade on this bullish economic news? Patterson suggests taking a step across the border.