Forex news and economic trading headlines 8 July 2016
USDJPY levels to watch over Non-farm payrolls
ECB ready to wait until Dec before discussing QE again - MNI
Many forecasters are looking for a Verizon bounce back in the NFP's but will that just paper over the cracks?
China's Xi says they will continue with prudent monetary policy
State aid for Italian banks cannot be ruled out says Visco
UK visible trade balance May -GBP 9.879 bln vs -GBP 10.7bln exp
Q1 2016 UK labour costs 1.9% vs 1.6% exp y/y
Is this the end for 100.00 in USDJPY? - European trade ideas thread 8 July 2016
May 2016 Spanish house transactions 23.6% vs 29.0% prior y/y
May 2016 French budget balance -65.70bn vs -56.50bn prior YTD
May 2016 French industrial production -0.5% vs -0.5% exp m/m
Moody's slashes UK and Eurozone growth following Brexit vote
May 2016 German trade balance 21.0bn vs 23.8bn exp
June 2016 Swiss unemployment rate 3.3% vs 3.5% exp SA
Forex option expiries 8 July 2016
June 2016 Japan economy watchers current conditions 41.2 vs 43.1 exp
June 2016 Japan bankruptcies -7.40% vs -7.32% prior y/y
Unsurprisingly markets are unwilling to push the envelope as we countdown to the NFP. USDJPY looked like it might dive bomb 100.00 early doors but instead found a trampoline at 100.25. That bounce took as all the way back to 100.75 odd but not in a straight line. The obligatory water treading is now happening as the clock ticks down top the jobs report.
The pound is still acting like a boxer that just won't go down no matter how hard it's punched. The area around 1.2860/80 keeps holding the dips from late US or early Asia selling and the UK just comes in in the morning and takes it back up. As I type we're running to a new high at 1.2987 as we go hunting for 1.30 once again.
EURUSD isn't doing much. A similar pattern to cable saw buying increase as Europe came to town, taking it off the Asia lows around 1.1057 to 1.1090 before gravity took over and we went back to the lows before bouncing to 1.1070.
AUDUSD is stuck to 0.7500 like wombat road kill to the wheels of an aussie road train. We can't break 0.7470, and we can't break 0.7520. A scalpers paradise.
Oil is looking decidedly dodgy again today and both Brent and WTI are not far from their respective lows at 46.50 and 45.24.
So over we go to the US for the NFP and also the Canadian jobs report. I fear it will be further in the shade than usual this month but it will be worth noting the details for a picture of the Canadian economy.
