Post
umar samaila
Nonfarm payrolls increased by only 29,000, versus an expected 84,000, with the unemployment rate rising to 4.2%, and wages also declining. Normally, this would be bullish, cooling rate hike expectations and pushing risk assets higher. However, ironically, it was the long positions that got liquidated.
There are three layers to this.
First layer: buying the expectation, selling the fact. Before the data release, the market had already priced in weak nonfarm payrolls and no rate hike in October.
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