TD Securities strategists expect only modest US Dollar (USD) weakness if July payrolls or the unemployment rate disappoint. Dollar reaction scenarios around payrolls"We expect July NFP [Nonfarm Payrolls] picked up modestly to 70k after surprising to the downside with 57k in June. "The UE [unemployment] rate likely went sideways at 4.2% after declining in June. "In the case of a payrolls miss or rising UE rate, we would expect limited USD downside. Another upside payrolls surprise could increase market participants' view that monetary policy in the US is no longer restrictive and the economy stands at the precipice of a new growth cycle."