Elementary, Dear Watson.
Non farm payrolls came at at 8.30 am US Eastern Time.
It was expected that they would increase about +100,000. It came out -4000.
The non-farm payrolls is the most eagerly watched report on the monthly economic calendar.
Literally thousands of dealers for big institutions around the world are waiting for that figure to come out at 8.30 am Eastern Time.
They have expectations of what it will be and have their figures primed on their "buzzers" if the figure does not come within certain parameters set around the expected figure.
As soon as the figure comes out - its a case of FASTEST FINGER FIRST.
If its Negative - sell sell sell
If its Positive - buy buy buy.
This figure was really really bad. SELL SELL SELL.
Got it?
Unless you're a gold trader - so its BUY BUY BUY.
Or a currency trader - so you sell US Dollars and buy anything else - except the Mexican Peso. :)
I'm sure others can add to this explanation.
Cheers
Red
Elementary, Dear Watson.Non farm payrolls came at at 8.30 am US...
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