Just scrolled through Friday's market data and there's a lot going on. The dollar took a hit that morning after that weak US payroll report came in - nonfarm jobs actually fell 92k instead of gaining 55k, biggest drop in four months. Unemployment ticked up to 4.4% too, which caught people off guard. So yeah, the dollar index dropped 0.35% on Friday, but honestly it could've been worse given all the negative signals.

What's interesting is the Fed basically tried to prop things up with some dovish-ish comments. Christopher Waller said the Iran situation probably won't cause sustained inflation, and both Beth Hammack and Susan Collins were pretty clear about keeping rates where they are for a while. Those Friday morning quotes from the Fed actually helped limit the dollar's losses even though the payroll numbers were rough. Retail sales also disappointed, so there was definitely bearish momentum early on.

Meanwhile gold and silver were having a field day. Gold jumped 1.58% and silver up 2.59% on Friday - people were clearly rotating into safe havens with all the Middle East tensions. Oil hit a 2.5-year high which is feeding inflation fears, and that's pushing precious metals higher. The geopolitical risk premium is real right now. EUR/USD barely moved on Friday despite the Eurozone GDP miss, and yen got hammered to a 6-week low. It's one of those days where you see capital flows getting messy across all the major pairs. The Friday morning quotes and data pretty much set the tone for the whole session.