Market Roundup
- US Non-Farm Payrolls Jun +223k, f/c 230k, +254k-prev
- US Average Earnings MM Jun 0%, f/c 0.2%, 0.2%-prev
- US Labor Force Partic Jun 62.6%, 62.9%-prev, lowest since Oct 1977
- Greek PM Tsipras says banks will reopen after a deal
- ECB to next discuss emergency Greek funding on Monday
- Greece’s Pappas says to resume talks w/lenders immediately after vote, there will be agreement regardless of vote outcome
- Fitch says many challenges if resolution needed on Greek banks
- Moody’s reviews 5 Greek Banks’ Caa3 deposit and senior unsecured debt ratings
- IMF warns Greece needs debt extension, may require write-down, at a minimum maturities on existing European loans will need to be extended significantly
- ECB minutes: broad agreement mon policy measures bearing fruit, euro area seen moving in right direction and inflation improving
- ECB’s Draghi says need single supervisor to see off risks
- US Private Payrolls Jun +223k, f/c 225k, +250k-prev
- US Unemployment Rate Jun 5.3%, f/c 5.4%, 5.5%-prev
- US Nondef Cap Ex-Air MM May -0.4%, 0.4%-prev
- US Factory Ex-Transp MM May 0.1%, -0.1%-prev
- CA RBC Mfg PMI SA Jun 51.3, 49.8-prev
Looking Ahead – Economic Data (GMT)
- 23:30 AU AIG Services Index Jun 49.6-prev
- 01:30 AU Retail Sales MM* May f/c 0.5%, 0.00%-prev
- 01:35 JP Markit Services PMI Jun 51.5
- 01:35 JP Markit/JMMA Comp PMI Jun 51.60
- 1:45 CN HSBC Services PMI Jun 53.5-prev
Looking Ahead – Events, Other Releases (GMT)
No Significant Events
Currency Summaries
EUR/USD
The pair pulled back to 1.1119 from 1.1046 after the release of US data, The dollar has lost its momentum, as the June payrolls data showed a clear picture that the country added 223,000 jobs, slightly below expectations, Average hourly earnings were at 0.0% against forecast at 0.2% , Factory orders were (-1.0%) against forecast of (-0.5%).This pair is volatile due to daily dose of headlines coming from Greece. 4 hours chart indicate overall trend is bearish, while the technical indicators indicate mild bearish tone. Overall trend of this pair is bearish unless until, it trades below resistance level at 1.1280.
GBP/USD
The pair failed to break the support level at 1.5566, in the early US session, which is 61.8% Fib R in the daily chart. The pair spiked to 1.5640 from 1.5569 after release of soft economic data from US. A minor recovery was seen in the GBP due to negative US data which pushed pair back to 1.5640 level, before the pair fell back to 1.5620 after Sterling failed to capitalize on weaker dollar. It remains to be seen whether the pair manages to break the resistance at 1.5640 ahead in the early Asian market, or later in Uk market.US market will be having a day off on account of independence day.
AUD/USD
AUD/USD hit low at 0.7589 during early US session, the pair’s lowest since June. Australian dollar spiked higher against U.S. dollar, after weak US economic data. Nonfarm Payrolls (Jun) printed 223k against forecast of 230k ,Average hourly earnings were at 0.0% against forecast at 0.2% , Factory orders were (-1.0%) against forecast of (-0.5%).although economic data figure came negative, the dollar demand as safe-haven amid Greek debt concerns has remained. The short term outlook of this pair looks bearish.
USD/CAD
USD/CAD has moved down from from a 3-month high of 1.2635 reached during early US session due to disappointing US nonfarm payrolls and factory orders,The pair dramatically pulled back from 1.2635 after weaker than expected US economic data. The pair has stayed put at 1.2540 in the late US session. Overall the trend of this pair remains bullish in the short and medium term.as it is expected to resume its bullish trend. the immediate support can be seen at 1.2528 (61.8% Retracement level) Major resistance can be found at 1.2631(Jul 2nd high).
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