Non-farm payrolls fell even more than the “whisper number” of 500,000, falling by 533,000. The October number was revised much lower, to a loss of 330,000 from 240,000. The unemployment rate edged up to 6.7% from 6.5%. These NFP losses are the worst since the early 1980s recession.
The dollar is lower across the board after the data with odds for the Fed cutting rates toward zero growing with this data. Look for them to crank up the printing presses as well.
Small offers are seen in the 1.2750/70 area Expect EUR/JPY rallies to attract fresh selling. We trade now at 117.25 from spike lows at 116.20 after the data.