Weaker than exp. U.S. ADP data weighed on.....>

FOREX: Weaker than exp. U.S. ADP data weighed on the USD on Thursday & allowed

USD/JPY to extend its corrective pullback away from Wednesday's high (Y111.76).

Late headlines pointed to Pres. Trump hinting to the WSJ that a trade fight with

Japan "could be next," which saw USD/JPY make a new session low (Y110.52), but

upon second glance the article was less inflammatory than the headlines 

- Pressure on USD took EUR/USD to an extended recovery high of $1.1655 but

upside momentum quickly faded as JPY strength drove EUR/JPY lower taking EUR/USD

back to ~$1.1625, with added sales through the London fix. Cable consolidated

Wednesday's recovery with a firm tone, remaining above $1.2900 for the most

part, though the rate failed to challenge Wednesday's high ($1.2983).

- CAD had traded on the defensive as market awaits the outcome of NAFTA

negotiations, but late comments from BOC's Wilkins: BOC debated dropping

`gradual approach' to rate hikes, allowed USD/CAD to unwind earlier gains.

- Focus turns to U.S. NFP data, the Canadian labour market report, EZ Q2 GDP &

Fedspeak. Participants are also on the lookout for any U.S.-China trade rhetoric

ahead of the upcoming scheduled imposition of additional U.S. tariffs on China.