8:30am (NY Time) US NonFarm Payroll | Forecast -320K | Previous -467K
ACTION: USD/JPY BUY -250K SELL -400K
Measures the change in number of employed people during the previous month, excluding the farming industry. A rising trend has a positive effect on the nation’s currency. Job creation is an important indicator of economic health because consumer spending, which is highly correlated with labor conditions, makes up a large portion of GDP. This report is the first of the month that relates to labor conditions, making it susceptible to big surprises.
UPDATE: NFP came out at -247K, Revision was -443K, and Unemployment went down to 9.4%. This was a landslide risk appetite release as I quickly turn my attention to the GBP/JPY pair for LONG trades. I made over 40+ pips on record, but in the trade room we were able to make 100+ as we held the trade as GY break above 162.