Action FOrex Insight Written by ActionForex.com Aug 03 07 08:25 GMT
Forex Daily Technical Report
Forex Daily Technical Report
All Eyes on Non-Farm Payroll for the Catalyst for Breakout
The forex markets has stabilized since the yen's, and to a lesser extent dollar's, rally passed its climax on Mon. Majors have been staying in tight range since then. All eyes are on today's Non-farm payroll report for the needed catalyst to trigger a breakout. Economists expect the NFP report to show 127k job growths in Jul, with unemployment rate staying at 4.5%. However, the big downside surprise of the private ADP report, which showed a mere 48k job growths is giving some concern another downside surprise in the NFP. Adding around 20k for government payrolls, the ADP is pointing to 68k jobs in NFP, which is essentially just half of what the markets are expecting. Also, in such case, the unemployment rate could also be lifted slightly higher from 4.5% to 4.6% too. Read more the articles..........
The forex markets has stabilized since the yen's, and to a lesser extent dollar's, rally passed its climax on Mon. Majors have been staying in tight range since then. All eyes are on today's Non-farm payroll report for the needed catalyst to trigger a breakout. Economists expect the NFP report to show 127k job growths in Jul, with unemployment rate staying at 4.5%. However, the big downside surprise of the private ADP report, which showed a mere 48k job growths is giving some concern another downside surprise in the NFP. Adding around 20k for government payrolls, the ADP is pointing to 68k jobs in NFP, which is essentially just half of what the markets are expecting. Also, in such case, the unemployment rate could also be lifted slightly higher from 4.5% to 4.6% too. Read more the articles..........
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