Reminder: US markets are closed today in the run up to Independence Day

US markets are closed Friday for the July 4th holiday. The week's main data point came Thursday: June non-farm payrolls added 57,000 jobs, well below the 110,000 consensus. The dollar fell on the miss.

Stocks finished mixed. The Dow gained 1.1% as rotation into value names accelerated. The Nasdaq dropped 0.8%, with chipmakers and hardware stocks taking the biggest hits. Mega-cap tech also slid. Meta shed 4.9%, and Nvidia closed lower.

Without US trading, liquidity will be thin. The focus turns to [USD/JPY](/markets/treasury-chief-dismisses-trumps-14b-crypto-income-as-non-issue), which retreated toward 161.00 this week. A low-liquidity session raises the risk of intervention by Japan's Ministry of Finance. The pair last drew official action in early May. Also keep an eye on US-Iran developments in the Middle East.

Meta's 4.9% decline gives it an Alpha Score of 65/100 (Moderate) on our model. For a broader take on forex positioning, see our forex market analysis.