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NFP report misses big time

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 unl…
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Yen to the highest since early June

Despite the miss in ADP Non-Farm Employment report (185K vs. 216K expected, 229K previous), USD/JPY didn't fell far and promptly reversed. Solid Markit Final Services PMI (55.7 vs. 55.2 expected, 55.2 previous) and much better than expected ISM Non-Manufacturing PMI (60.3 vs. 56.3 expected, 56.0 previous) then propelled it through the strong 124.50 resistance to the highest since early June.
125 level, where it stalled, is now the initial resistance. 125.40 - 125.50 band (Weekly Resistance 2, Mo…
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