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Daily Report: Markets Cautious ahead of Non-Farm PayrollMarkets are generally staying in tight range as traders await today's non-farm payroll report from US. Markets expect a 500k expansion in job market in May, which is the strongest growth number in 13 years. However, this is a heavily distorted number, by around 350k temporary hiring for Census. The actual focus will be on whether private job growth would meet the expectation of around 150k. Another main focus will be on whether unemployment rate will drop from 9.9% to 9.8%. Leading indicators to NFP were generally positive. Employment component of ISM manufacturing hit 6 year high, which that of services also rose above 50 level for the first time since 2007. Consumer consumer hit 2 year high in May. However, initial jobless claims remained stubbornly high at around 450k level. ADP employment report showed just 55k expansion of job market in private sector. The 150k expansion in private jobs in NFP might be a bit too ambitious. |
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| Featured Technical Report | |
EUR/CHF Daily OutlookDaily Pivots: (S1) 1.4021; (P) 1.4098; (R1) 1.4142; More EUR/CHF's fall resumed overnight and reached as low as 1.4062 so far today. Another fall might be seen as long as 1.4176 minor resistance holds. However, considering risk of another round of SNB intervention, we'd expect strong support above 1.4 psychological level to contain down side and bring rebound. Break of 1.4176 minor resistance will bring rebound to 1.4307 and above. |
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Trade Idea: GBP/USD – Stand asideAlthough the British pound fell from 1.4744 to as low as 1.4586 yesterday, as cable has rebounded after holding above said support, suggesting further consolidation would be seen and above 1.4664-65 (current level of the Ichimoku cloud top and Kijun-Sen) would bring stronger recovery to 1.4700 but reckon said resistance at 1.4744 would hold and further choppy trading within 1.4553-1.4771 range would be seen ahead of U.S. opening. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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