Stephen Jen, a currency hedge fund manager and longtime US dollar bull, argued that the recent blip in US economic data should be ignored. The first quarter of the year “often produces strangely weak data”, he wrote in a note to clients this week.
“We had almost exactly the same negative surprise last year, and yet the US economy continued to recover as if nothing had happened . . . In my opinion, there is a high probability that the labour reports will recover sharply next month.”