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Non-farm payrolls: Consensus 135k, Actual 228k
Unemployment rate: Consensus 4.1%, Actual 4.2%
Just a really strange print to see with the number of jobs added up substantially whilst the Unemployment Rate has also gone up? Very strange. A positive from it is that the Average Hourly Earnings came down to 3.8%, from 4.0%, so less inflationary.
Short-term: Market probably gets a small relief, but the markets' focus is still on Trump and tariffs. Alongside this, the market does expect that this might be the last strong labour market report.
Market reaction since: Small relief, likely to not be long-lived though. Chances are that the price will be choppy and in a tight range. Between $81,500 and $84,500.
How to position: No change, we're still in cash, and we'll continue to monitor this for now in the short term.
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