EU Morning Report – Markets brace themselves for the upcoming NFP!
Here are the latest Financial News:
Markets brace themselves for the upcoming NFP!
- The Dollar traded in a quieter than usual day. Trading the USD was slightly weaker after the Euro rallied and the USD/JPY failed to hold above Y86. Weekly Jobless Claims were are 479k vs. 455k forecast and helped the USD remain supported against risk currencies ahead of tonight NFP report. In US stocks, the DJIA closed -5 points at 10675, the S&P down -1 points closing at 1125. Looking ahead, July Non Farm Employment Change forecast at -65k vs. -125k previously. Unemployment Rate is forecast at 9.6% vs. 9.5%previously.The Euro rallied to day highs after some strong June German Factory orders at 3.2%m/m at the start of Europe. The ECB held at 1.0% as expected but Trichet was more upbeat and helped support the Euro for the rest of the day. EUR/USD traded with a low of 1.3118 and a high of 1.3237 before closing at 1.3180. Looking ahead, June Industrial Output is forecast at 0.7% vs. 2.6% previously.
Currency to watch out for: EURUSD & USDJPY
- § The EURUSD pivot point is at 1.3145 with a preference to enter into Long positions at 1.3155
- § The USDJPY pivot point is at 85.70 with a preference to enter Long positions at 85.75
Today’s calendar and market movers:
- § GBP Retail Sales for June expected to increase 0.5%
- § US Initial unemployment Claims expected at 445k
- § US FED Chairman Bernanke Speech
- § US Existing home sales units for June expected at 5.18 Million
Equity Markets:
- US equities closed negative yesterday with the S&P500 at -0.13% and the DJIA at -0.05%. The European bourses were mixed with the FTSE down -0.38% the DAX and the CAC closing at 0.04% and 0.09% respectively. The NIKKEI and the HSI at the time of writing is -0.50% and -0.18% respectively.
Source: Easy Forex
Recommended Forex Brokers: AvaFX and Forex Yard
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