The NFP on Friday was dreadful and did not offer anything optimistic. The renewed optimism on a possible rate hike this month by the FED has practically been thrown off the table. The NFP not only came in lower than expected, but far lower and barely showed any growth, and was the lowest in years. Furthermore the NFP of the previous month has been revised downwards as well. The unemployment number did go down, however this was not due to more people working, but rather because less people looking for work. All this doesn’t bode well for the US economy and we will be anxiously awaiting what FED chair Yellen has to say later today. If she shrugs the NFP off, then we can expect a sharp correction, but we also have to keep in mind that numerous FED officials have also mentioned that they will be looking at the Brexit vote, and with the latest polls showing the pro Brexit camp leading, this could be another reason to wait with increasing the interest rate.