Forex Today: A mixed Dollar awaits NFP after strong US data – by MSalordFX DollarIndex Currencies NFP Employment
report. During the Asian session, Japan is set to release data, including Household Spending, Bank Lending, and the Leading Index. Later in the day, Germany will release Industrial Production data. Canada will also report labor market data.posted mixed results, weakening versus the Euro, the Pound, and the Yen, and rising sharply against commodity currencies. Upbeat US data boosted expectations of another interest rate hike from the Federal Reserve and weighed on US stocks.
The Automatic Data Processing report showed an increase in private payrolls of 497K, surpassing the market consensus of 228K. Initial Jobless Claims rose to 248K, while Continuing Claims fell to 1.72 million, the lowest level since February. The ISM Services PMI rose from 50.3 to 53.9 in June, and the Employment Index improved to 54.4. On the negative front, JOLTS Job Openings dropped slightly below expectations in May, falling from 10.3 million to 9.8 million.
Following the data, government bond yields rose in both Europe and the US. The 10-year Treasury bond yield climbed to 4.06%, matching the year-to-date high, while the 2-year yield hit the highest intraday level since 2007 at 5.11%. On Friday, the US official employment report is due. Market consensus expects the economy to have created 225K jobs in June; however, after the release of recent data, market participants are looking at the possibility of a positive surprise. Theis expected to tick lower from 3.7% to 3.6%. Market participants will also be looking at income data. If the numbers confirm that the labor market remains tight, it could cement the likelihood of another interest rate hike from the Fed.
Data released on Thursday showed that German Factory Orders rebounded more than expected by 6.4%, while Eurozone retail sales dropped by 2.3% in May. German data is due on Friday with the release of May Industrial Production figures. European Central Bank's De Guindos is scheduled to speak during the European session. Thepair tested the 1.0830 region twice and rebounded towards 1.0900. The Euro benefited from higher EZ yields.pair posted its highest daily close in a week near 1.
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