The change in NFP and revisions were a bit disappointing as was the earnings (+0.1%). The Participation rate remains near low levels although up to 62.8 from 62.7%. The good is it is another +200 gain and revisions were higher by 31K. The Unemployment rate fall to 5.8% is also a good thing.
The EURUSD ping pongs but keeps the sellers in control below topside resistance levels.
The initial reaction took the price between the 38.2-50% of the move down from yesterday at the 1.2428-1.2448. The high came in at 1.24407. The price is currently trading at the lows for the day. Fed Mester may be contributing to the downside a bit as she calls the jobs report solid on a CNBC article.
The ambiguity of the report (not bad but not great) will likely keep the market cautious in trading today. Does it mess up the trend? The sellers in the 38.2-50% area shows me that the sellers want to stay in control. As long as the price is able to stay below this level, the sellers will remain in control, but I would not be surprised to see ping ponging continue in trading today.
