Market pulse - Labour market data out!

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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Latest macro print

• Non-Farm payrolls: Consensus 140k, Actual 177k
• Unemployment rate: Consensus 4.2%%, Actual 4.2%

Still a strong print, and as we expected, the slowdown we're likely to see hasn't come through yet, but it'll likely show in the next Payrolls report. The market expected today's report to still remain resilient as the tariff effects haven't yet filtered through to this data. But next month's data is likely to be a more realistic print of what's going on post-tariffs.

We also note that the Participation Rate ticked up, suggesting more people are going to work.

Short-term: Markets might react positively to this, and again, this is to be expected. Remember, this is pre-tariff data.

Market reaction since: Markets will likely move slightly higher here, but we're expecting a local top in the coming days/week.

How to position: Remaining patient for now in cash mostly, and we'll be looking to build positions over the coming 1-2 months. The game plan is what we have laid out in this recent chart, and we're sticking with it. No change. We'll change when the data says otherwise.

Let's Go!!!

BTC: