Data released (actual, consensus, previous):
12:15 GMT USA ADP Employment Change (Jun) 188K 160K 134K
12:30 GMT Canada International Merchandise Trade (May) $-0.30B $-0.73B $-0.95B
12:30 GMT Canada Exports (May) $39.34B $40.10B $39.99B
12:30 GMT Canada Imports (May) $39.64B $40.75B $40.94B
12:30 GMT USA Initial Jobless Claims (Jun 29) 343K 345K 348K
12:30 GMT USA Continuing Jobless Claims (Jun 22) 2.933M 2.953M 2.987M
12:30 GMT USA Trade Balance (May) $-45.03B $-40.10B $-40.15B
14:00 GMT USA ISM Non-Manufacturing PMI (Jun) 52.2 54.0 53.7
14:30 GMT USA EIA Crude Oil Stocks change (Jun 28) -10.347M -2.600M 0.018M
The euro fell the most in two weeks against the yen as Portugal’s bonds slumped after two ministers resigned from the government, reigniting speculation Europe’s sovereign-debt crisis is worsening.
The yield on Portugal’s 10-year government bond shot above 7%.
Prime Minister Pedro Passos Coelho said he will not step
down after Foreign Minister Paulo Portas resigned Tuesday afternoon in
protest over the country’s austerity policies. On Monday, the country’s
finance minister, Vitor Gaspar, stepped down. The president of the
European Commission, José Manuel Barroso, said the crisis risks
jeopardizing the “financial credibility” of Portugal.
The Commerce Department has informed that the trade deficit
expanded to $45.03 billion during May from $40.15 billion in the
previous month (revised). The print also missed the median at $40.10
billion.
The June ISM Services Index was reported at 52.2, below the 54.0 forecast, and down from the May reading of 53.7.
EURO:
Markit Services PMI in June rose to 48.3, comparing to 47.2
in Mayе. However uncertainty with Greece still makes some pressure on
euro.
EUR/USD rallied above $1.3000 - to $1.3030.
Resistance comes at $1.3100 (Friday’s high). Above gains may extend to
$1.3160 (Jun 20 lows), then - at $1.3255/60 (Friday’s high) and $1.3300
(Jun 6 high). Initial support comes at recent lows at $1.2960 (Apr 24
and Jun 3 lows) and $1.2840 (May 29 lows). Key support remains at
$1.2800 (May 17 low).
POUND:
The pound jumped the most in four weeks versus the dollar
after a report showed U.K. services growth accelerated in June, adding
to evidence the economic recovery is gaining strength.
Data released showed Markit Services PMI increased to 56.9
points in June, from 54.9 points in May. The result is better market
consensus of 54.5 points.
Moreover, BoE said about improving of credit conditions in
Q2. Demand rises across the board corp credit available +14.2% vs 12.3%
prev corp credit available next 3 months +3.5% vs +3.1% prev.
Britain’s currency advanced against all of its major peers
except the yen as reports this week showed manufacturing grew at the
fastest in more than two years last month and construction expanded.
Mark Carney began as governor of the Bank of England on July 1 and will
announce his first policy decision tomorrow.
GBP/USD rose to $1.5290 before retreated a
bit. Initial resistance comes at $1.5340 (Thursday’s high), then - at
$1.5400 (Wednesday’s high), then - at $1.5450/60 and $1.5530 (Jun 21
high). Below $1.5200 losses may widen to $1.5140 (May 24 high and May 31
lows), ahead of $1.5000 (May 29 lows).
YEN:
The dollar remained lower versus the yen after a private
report showed U.S. companies boosted employment more than forecast last
month.
Data showed the US private sector added more jobs than
expected in June. The ADP employment report printed a 188K gain in June,
against the 160K expected.
USD/JPY backs to Y100 with resistance remains
at Y100.45/50. Break above will target Y101.20. Initial support is
around daily lows on Y99.20. Below Y98.80 support comes at Y97.20, with a
break under targets last Friday’s lows near Y96.90.
DATA AHEAD:
There is no key data for today.
Thursday the US markets will be closed in observance of the Independence Day.
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