Locked and loaded for the May version of non-farm payrolls

Happy jobs Friday.

I’m tempted to dismiss this report as unimportant because the Fed is in a casual wait-and-see stance but a tipping point in an economy is like Hemingway’s description of bankruptcy: Suddenly and then all at once.

Lululemon late yesterday cut guidance citing a ‘dynamic macroenvironment’ and shares are down 23% premarket. There have also been cracks elsewhere and the Beige Book described a slowing economy. Still, even with a bad jobs report it’s tough to extrapolate one month.

In any case, let’s see what the data brings. Here is the only preview you need to read, as it highlights some of the data foreshadowing the numbers, the estimates and the seasonals.

USD/JPY is up 67 pips to 144.18 just ahead of the data.