The US jobs report for May massively disappointed markets by coming in at a miserly 38,000 versus the more than 160,000 expected. Saxo Bank’s Head of FX Strategy John Hardy looks at the market reaction and explains how the poor nonfarm payrolls may impact the US Federal Reserve’s plans to hike interest rates this summer.

Hardy sets out the levels where currency pairs like USDJPY and EURUSD may go next on the back of the report and looks at how riskier currencies and risk appetite in the market may be impacted by the report.