U.S. nonfarm payrolls added only 57k in June, far below expectations and the prior month's figure, indicating a significant cooling in the labor market.

But note that Goldman Sachs estimates the World Cup contributed about 40k temporary jobs in leisure and hospitality, retail, and transportation sectors that month; after excluding this, the true new employment might be only about 17k, making the cooling trend even more pronounced.

Although the unemployment rate fell to 4.2%, the decline was mainly due to a lower labor force participation rate, not a substantive improvement in employment; continuing jobless claims continue to rise, reflecting increased difficulty in reemployment.

Overall, the employment data is insufficient to support a Fed rate hike in July, further weakening expectations of policy tightening.

On operations, continue to hold long positions, with the target unchanged at 62k.
$BTC $ETH $GT