The Non-Farm Payroll report came worse than expected….way worse! The number of jobs created was a very low 75K, way below the consensus of 170K. It seems the US economy seems to be slowing down which is bad news for the US dollar. The market is now going to be on the lookout for the consumer price index number on June 14th. A weak CPI number, along with the slow jobs growth should give the Fed enough reason to pause rate hikes in June.
After the report was released we saw a huge sell off in the dollar against all currencies, including the Swiss Franc. The pair dropped way past our entry point and dollar continued to drop from there. We missed out on some pips, but we stuck to the plan.
No Trade Entered.