⚠️ US labor data are out and the initial market reaction is risk-off. 🟢 NFP came in significantly above expectations: 🔹NFP: 162K vs 56K expected 🔹Private payrolls: 127K vs 45K 🔹Unemployment: 4.1% vs 4.1% 🔹AHE MoM: 0.3% vs 0.3% 🔹AHE YoY: 3.1% vs 3.0% Overall, this is a strong labor report. Good for the economy? Yes. 👉 Good for markets? Not necessarily. 🟢 A resilient labor market combined with persistent wage growth gives the Fed less reason to ease policy and potentially more room to remain restrictive. That appears to be what markets are pricing initially: 🔻 US futures dropped sharply after the release. 🔻 Crypto reacted even more aggressively, falling roughly 2%. ‼️ But as I mentioned this morning, I’m not trading the first reaction. 🟢 We need to let yields, DXY and equities digest the report and show us how the market ultimately interprets it. Wait for the US open. Let price confirm the narrative before committing capital. And with the weekend approaching, risk management remains particularly important. NFA. DYOR⚡️