ECONOMIC DATA OF THE DAY

Time	CY	Indicator	Forecast	Previous
08.30pm	USD	Change in Nonfarm Payrolls	180k	38k

(Source: FabTrader)

FOREIGN EXCHANGE (INDICATIVE RATES)

Currency	Last	% Change	Overnight Range
DXY	96.24	0.22%	95.928 – 96.338
EURUSD	1.1063	-0.23%	1.1053 – 1.1101
USDJPY	100.87	0.04%	100.6 - 101.23
AUDUSD	0.7494	-0.52%	0.7472 – 0.7539
GBPUSD	1.2911	-0.47%	1.2879 - 1.3047

(Source: FabTrader)

Commodities (INDICATIVE RATES)

Currency	Price USD	% Change	Overnight Range
Gold	1360.90	0.45%	1350.89 - 1370.91
Silver	19.76	2.37%	19.465 - 20.27
Oil (BRENT)	46.40	4.97%	46.15 – 49.59
Oil (WTI)	45.36	5.32%	44.87 – 48.25

(Source: Bloomberg and Saxo)

COMMODITIES

Precious Metals: Silver has a volatile day and traded below $20 again after trading above $21 earlier this week. It was reported that number of buyers in Japan for Swiss Gold climbs 62% in 1H as fears on the yen depreciation looms coupled with negative interests rates in Japan. 

Oil: Oil trades close to $45 after tumbling to the lowest level in almost 2months as U.S. crude stockpiles fell by 2.2 Mio barrels the previous which was less than the expected 2.5 Mio barrels

FOREX NEWS

With Oil struggling to break the $50 level, USDCAD is finding very good support below 1.3000 and is on the verge of breaking the 100d MA at 1.2998. Our FX strategist John Hardy is predicting that USDCAD will test soon the 200d MA at 1.3312. This pair has been out of the radar of investors now so there is a possibility to see this break higher if Oil continues to struglle

RBNZ deputy governor’s speech didn’t outline new macro-prudential measures; Spencer says tighter housing mkt rules could be considered, rate cuts could pose financial stability risk and NZD rallied following these comments. On the other hand AUDUSD dropped after S&P cut the country AAA rating outlook to negative from stable making AUDNZD the biggest mover of the day, down 2% and breaking the strong support of 1.0400. The market being long this cross in general, we could see more stops coming lower

Jobless claims, hiring data brighten U.S. labor market view

U.S. private payrolls increased more than expected in June as small businesses ramped up hiring, and fewer Americans applied for unemployment benefits last week, suggesting a rebound in job growth after May's paltry gains.

Thursday's reports underscored the economy's strength and supported views that the United States would weather the impact of last month's British referendum to leave the European Union.

"The labor market does not seem to be faltering. The apparent willingness of small business owners to bring on new workers is a clear sign that the economy is moving forward solidly," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania.

The ADP National Employment Report showed private employers hired 172,000 workers in June, beating market expectations for a 159,000 gain. Private payrolls rose 168,000 in May. Last month, small businesses hired 95,000 workers, up from 84,000 in May. 

The services sector added 208,000 jobs last month, but manufacturing and construction lost a combined 26,000 positions.

The ADP report, which is jointly developed with Moody's Analytics, was published ahead of the government's more comprehensive employment report for June due on Friday.

Though the ADP report is not considered a reliable predictor of non-farm payrolls because of differences in methodology, economists say it, on the margin, suggested a pickup in overall employment growth.

The ADP report is not affected by strikes and therefore did not account for the return of 35,100 Verizon workers who were excluded from the non-farm payrolls count in May while on a month-long strike. Those workers are expected to boost employment in June.(Source: reuters.com)