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Daily Report: Dollar in Range ahead of Non-Farm PayrollDollar is staying in tight range as traders await July's Non-Farm Payroll report today. The headline number is expected to show -75k contraction in the job market while private jobs are expected to grow by 80k. Nevertheless, the range of expectation is wide from 20k to 150k and the main focus would be on whether growth is better or worse than prior month's data, 83k before revision. Unemployment rate is expected to edge higher to 9.6%. Better than expected economic data released this week cooled speculations on more fed easing and thus gave dollar a breath in recent decline. However, the greenback is vulnerable to another fall against yen and european majors in case of downside surprise today. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 85.52; (P) 85.99; (R1) 86.26; More. Intraday bias in USD/JPY remains neutral as consolidations from 85.31 continues. Another rise might be seen but after all, 88.11 resistance is needed to indicate bottoming. Otherwise, outlook will remain bearish and we'd expect after fall. Below 85.31 will target a retest on 84.81 low next. |
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| Special Reports |
ECB Delivered Upbeat Economic OutlookWhile ECB maintained the main refinancing rate at 1%, the upbeat economic outlook was encouraging. President Trichet said in the statement that there's 'strengthening in economic activity in the second quarter of 2010' while data for the third quarter are 'better than expected'. The central bank continued to view the current key ECB interest rates remain 'appropriate' and 'the risks to the economic outlook are broadly balanced in an environment of uncertainty'. |
| Economic Indicators Update |
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Trade Idea: GBP/USD – Hold long entered at 1.5855Although the British pound retreated quite sharply from 1.5925 to 1.5824, as the British pound has rebounded after holding above indicated support at 1.5820, retaining our bullishness and break of said resistance at 1.5925 would signal the correction from 1.5968 has ended at 1.5820 and bring resumption of upmove for a retest of this level later. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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