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Major Pairs Subdued Ahead Of U.S. Employment Data

FOREX
  • The Greenback is broadly unchanged on Thursday as markets tentatively await July jobs data from the U.S on Friday. EURUSD managed just a 29-pip daily trading range.
  • USDJPY firmed a quarter of a percent, narrowly extending Wednesday's strong bounce following the ISM services data. Gains for the pair remain to be considered corrective with firm short-term resistance at 110.70, Jul 14 high, a break of which would alter the picture.
  • The Bank of England MPC decision spurred some volatility in GBP but the price swings amounted to little. GBPUSD held onto gains seen prior to the decision/statement, settling around 1.3930 (+0.3%).
  • Similar gains were seen for AUD and CAD, as oil prices steadied and commodity indices approach the close in the green.
  • Overnight RBA's Lowe is due to testify before the House of Representatives Standing Committee, before the release of the RBA's Monetary Policy Statement.
  • Friday's docket will be headlined by US employment data where the current Bloomberg estimate expects +870k change in Non-farm payrolls and the unemployment rate to fall to 5.7%. Canadian employment data will also be published.
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