Intraday Market Thoughts

Archived IMT (2010.08.06)

by Ashraf Laidi
Aug 6, 2010 12:33

-9.3K after +93K. Canada shows its first net decline in employment of the year with -9.3K in July payrolls after the second highest monthly increase in July at +93K. The unemployment rate unexpectedly rose to 8% from 7.9%, but markets arent heavily selling CAD due to the fact that the loss is only a payback for the aggressive jobs gains of the past 3 months. US payrolls are expected to drop by 100K-130K, with the unemp rate seen up at 9.6% from 9.5%. PRIVATE PAYROLLS will be the key due to the continued firing of census workers. Private payrolls exp to increase by 70K-10oK, so lots of data items to watch out for before market direction is established. FUNDAMENTALS ASIDE, CADJPY testing 83.60 support, for a possible retreat to 83.20, while USDCAD probes 1.0230 for 1.0290. EURUSD support stands at 1.3110-15.


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