NFP report grossly disappointed. Headline Non-Farm Employment Change figure came in at just 38K which is the worst since May 2011 (25K). In addition, April number was revised down by 37K. Unemployment Rate dropped to 4.7% from 5.0% but on the back of Participation Rate falling to 62.6% from 62.8%.
U.S. dollar lost 100 - 200 pips across the board and that was later exacerbated by a much weaker than expected ISM Non-Manufacturing PMI number. A summer rate hike seems very unlikely at this point unless we see a 300K+ payroll figure in July.
U.S. dollar lost 100 - 200 pips across the board and that was later exacerbated by a much weaker than expected ISM Non-Manufacturing PMI number. A summer rate hike seems very unlikely at this point unless we see a 300K+ payroll figure in July.
