Latest data released by the Bureau of Economic Analysis – 6 July 2018 The trade gap narrows to a one-and-a-half year low for the month of May, something Trump will be quite pleasant about I reckon. Despite the shrinking trade deficit, the trade gap with China actually grew from $27.96 billion in April to $33.19…
The Canadian jobs report for June 2018 USD/CAD traded at 1.3132 ahead of the data and immediately dropped in part due to USD weakness on non-farm payrolls. At first, the Canadian report looks strong but there was a jump in the unemployment rate (albeit on rising participation) along with softer wage data.
Manufacturing survey from Ivey The market doesn’t follow this report very closely. ForexLive
Can the buyers squeeze higher or does overhead resistance stall On the topside though, the pair is running into some overhead levels. Looking at the 5-minute chart below, the spike higher on the jobs numbers has the 38.2% at 1.32526. That is also where the swing high from the London morning session comes in. The…
Fed on track for gradual hikes as they move to more neutral policy The US employment report showed unemployment rate rise to 4.0% but 213K new jobs were added (and +37K revisions). The wages were moderate at 0.2% but below expectations.
Dollar weakness continues helped by technicals Technically, the EURUSD broke above the 200 bar MA on the 4-hour chart yesterday (currently at 1.16734 on the chart above), held the area on a correction and moved higher. Bullish.
Will keep the Fed in play of course For the USDJPY, the price moved lower on the headlines and dipped below the 200 hour MA at 110.468. The low reached 110.412. US yields are lower. The 2 year is down -1.6 bps. The 10 year is also down -1.6 bps.
This via Westpac on the Federal Open Market Committee minutes releases Thursday (in brief, bolding mine): ForexLive
A preview of the non farm payroll report from the BLS for June ForexLive
A client note from Macquarie (out Thursday) on China and the currency Says the country may be willing to put up with a weaker yuan still, but does not want a sharp devaluation like 2015 and 2016