It was pretty bad all round in the numbers really but the fall in the unemployment rate may be what has kept the losses from getting out of hand. Either way the market is still chewing over what it all means, so be wary of the “second wind” for moves.
I’m inclined to look at the big numbers in cable and the euro (1.65 & 1.37) as possible fade points at the moment and the next 10-20 minutes will be key to see whether we get a test of them. I’ll certainly be keeping any trades fairly tight over those levels.
USD/JPY has been quick to get hoovered up so traders may be sensing a dip buying bargain that the numbers are a one off and won’t disrupt the trend.
As I emphasised the next few minutes are key to judge where the market may go.
