USD remains on the defensive, Chicago PMI disappoints
USD : Lower, ADP job losses slow, Q2 GDP contracts less than expected, Chicago PMI declines JPY : Higher, Manufacturing PMI hits 3 year high, Fujii says JPY will not be discussed at the next G-7 meeting EUR : Higher, SNB intervention, German unemployment drops, ECB reduces the size of its 12 month auction GBP : Mixed, GFK consumer rise to a 19 month high, gains limited by decline in US equities CAD and AUD : AUD & CAD higher, Australian retail sales rise, IMF raises its 2010 GDP forecast
Comprehensive FX and Futures Daily Research
Daily Market Commentary EUR/USD Buckles Following Weak U.S. Employment Data Today’s rally in the EUR/USD has hit a roadblock after America’s ADP Non-Farm Employment Change number came in well below analyst expectations. Today’s release couples with yesterday’s disappointing CB Consumer Confidence release. Therefore, the U.S. continues to send negatively mixed signals, hampering the global economic outlook. In contrast to weak U.S. data, Germany’s Unemployment Change number came in below