Alot of noise today about the NFP, most banks forecasting a lower number than expectations of 180K, except for Barclays who is bullish at 200K.
History dictated that August was an inaccurate month, with numbers usually lower than forecast 8 out of the past 11 years with more than 50% adjustments later.
I decided to do my straddle on both the EURUSD and USDJPY with the following details: –
EURUSD; Stop if Bid at 1.1240, Spot at 1.1280, SL at 1.1220
USDJPY; Stop if Bid at 103.10, Spot at 103.45, SL at 103.30
As it turned out the NFP was 150K versus forecast of 180K, unemployment inched up to 4.9% versus 4.8%, average hourly earnings was slightly softer at 0.1% versus 0.2% and labor productivity was significantly lower at -0.3% versus 0.2%.
The USD moved higher against the majors initially, but seemed to lack the legs.
Both my trades was triggered, unfortunately, there didn’t seem to be much of a follow through as financial markets digested the data and probably felt that it was relatively unexciting.
I decided to square of my trades as follow; USDJPY at 103.00 and EURUSD at 1.1230. I am pretty much ALL SQUARE……..no blood!
What a disappointing night, should have gone out partying!!! Hahahahahaha…….only joking, as professional traders, if there is a trading opportunity we must be in front of the screen, we need to be there, to hopefully, capture the market opportunity.
Done for the week!
Here’s wishing everyone a great weekend.
The Panthenon Investment Group 