The U.S. nonfarm payrolls report was a "clear disappointment" for the dollar bulls, says Ebury's Matthew Ryan in a note. "All things considered, a rather soft report that supports our call in favor of no rate hikes from the Federal Reserve this year," says the head of market strategy. Fed Chairman Kevin Warsh has made clear that the Fed's focus is on inflation, so Thursday's report might not carry as much weight as it would have done in the past, Ryan adds. The U.S. labor market remains robust, but loose enough that workers aren't able to demand sizeable salary hikes, which should ease pressure on inflation, he says. Energy prices have also fallen and risks of second-round inflation effects seem limited. (emese.bartha@wsj.com)