Jobs optimism cools
USD/JPY is lower than where it was before non-farm payrolls. A jump to 118.75 from 118.30 but is now down to 118.15.
You can make a some half-cocked arguments about the Fed and wage growth but it's all about what's going on in the stock market and overall sentiment.
Markets are extremely tentative at the moment.
It felt like for a moment the jobs report would be a turning point but it's back to waiting and watching.
It's all about the momentum trades from here. Go with the flow.
For the moment, stock futures are slipping. You have to ask: If markets can't rally on good news from China or a good jobs report, can they rally at all?
