Good evening traders. Sitting here nervously awaiting the non farm payroll (NFP) print. Market has been wound quite tight with narrow ranges all day. What this means is, when NFP comes out, all hell is gonna break loose - HOORAY!
Generally speaking, a positive print is suppose to be risk positive whereas a negative print is supose to be risk negative. However, perversely, a positive print may be interpreted as "no QE3" by the market, while a negative print means "turn on the printing presses!!" with the former potentially having a bullish effect on the USD and the latter having a negative effect.
Have a few strategies ready to go once the die is cast and we'll see what that fall out is like going into the weekend. Get ready for a bumpy ride!
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