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EUR/USD Leaning Lower Pre-Payrolls

FOREX
  • EUR trades weaker early Friday, with EUR/USD pressing to new weekly lows of 1.1807. A break below the handle would mark a resumption of the downtrend after the corrective bounce at the tail-end of July. Below 1.18, markets may find some support at 1.1789 ahead of the key level at 1.1752 - the Jul 21 low and bear trigger. Decent option interest could draw focus into the NY cut, with over $1bln notional rolling off at 1.18 today.
  • The greenback is mildly stronger, helping the USD Index climb to the best levels since Jul28. This is working against the likes of gold and silver, which both sit lower ahead of NY hours, but a further stabilisation and bounce in oil prices is supporting CAD. EUR/CAD sits on 50-dma support at 1.4769.
  • Payrolls for July take focus going forward, with analysts expecting job gains of around 850k, in line with the June report. The whisper number is a touch above consensus at 884k, which may suggest a positive lean headed into the figure.
  • The Canadian jobs data also crosses, with markets expecting a further decline in the unemployment rate, seen hitting 7.4% from 7.8% previously. There are no central bank speakers of note.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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