US dollar fighting back on positive data points - BBH

Analysts at Brown Brothers Harriman explained that the US dollar had a good week. 

Key Quotes:

"It was helped by the strongest service ISM this year, with strong gains in forward-looking new orders component and an increase in export orders. Non-farm payrolls snapped back from a downwardly revised 11k jobs (-6k private sector) to 287k (265k private sector).  It was the strongest employment gain in eight months.  Also, as more bonds denominated in euro, yen, and Swiss francs offer negative nominal yields, an increasing part of the world's savings appear to be drawn to the positive returns of dollar-denominated paper.  

The dollar advanced against most of the major currencies, except the irrepressible yen, and the Australian and New Zealand dollars.  The RBA was neutral, and the RBNZ hinted that until new macro-prudential policies were implemented to address the housing market, a rate cut could be counterproductive.  The greenback also appreciated against most emerging market currencies.  The only exception to note is the Argentine peso.  After selling off 12.25% in the second half of June, it recovered 2.3% last week."