Profit: -$15.07 Total: $1,268.14
A mere 38,000 new jobs were created for the month of May. This is the lowest job growth since 2010 and it did not come remotely close to the estimated number of 159,000. This horrific number created chaos in the financial markets and contributed to the dollar’s crash. One of the strongest moves were in the EUR/USD and the USD/JPY. Remember, whenever there’s chaos, people head toward Yen. I’m not sure if I can happily long the dollar anymore. The chances of a rate hike seems slimmer and I’m sure Yellen would not be happy. I’m eager to hear with the Fed’s have to say about this.
Unfortunately, my positive short EUR/USD and long USD/JPY trades quickly vanished and left me with a negative P/L for the day. Whether the Verizon strike attributed to this outlier of a number, but this just proves anything can happen in the the markets. For now I think I’ll try to stick to non-major pairs, unless I see good setups. One pair I am looking at is GBP/JPY. The pound is under stress from Brexit and the yen receives strength from chaos. The pair recently broke structure and seems like it can head south.