Market news

08.07.2011, 08:13

Asian session:

Data:

05:00 Japan Eco Watchers Survey: Current (Jun) 49.6

The yen headed for a weekly drop against most of its major peers before data that may show the U.S. added jobs for a ninth month and after German exports rose by more than forecast, reducing demand for haven currencies.

The yen is set for a third week of decline versus the dollar on prospects Japan’s economic recovery will lag behind that of the U.S.

Australia’s currency was 0.1 percent from a two-month high as a global rally in stocks supported demand for higher-yielding assets. The euro fell this week against 15 of its 16 most-traded counterparts on concern more countries will be dragged into the region’s sovereign-debt crisis.

Nonfarm payrolls increased by 105,000 in June after an advance of 54,000 in the prior month, according to the median estimate of economists in a survey before today’s report from the Labor Department. The unemployment rate probably stayed at 9.1 percent, according to a separate survey.

The dollar’s advance versus the euro was curbed on speculation that the gain in jobs won’t be enough to spur the Federal Reserve to increase borrowing costs. The Federal Open Market Committee has kept its benchmark rate unchanged between zero and 0.25 percent since December 2008.

EUR/USD: the pair holds at $1,4330-$ 1,4370.

GBP/USD: the pair holds at $1,5940-$ 1,5980.

USD/JPY: the pair holds at Y81,20-Y81,30.

UK data includes the Producer Price Index for June as well as the May Construction Output data released at 0830GMT.

At 1230GMT, non-farm payrolls are expected to rise to 105,000 in June after a very modest 54,000 rise in May. Private payrolls are seen up 125,000. The unemployment rate is forecasted to fall a tenth to 9.0%. Hourly earnings are expected to dip to 0.2 % following a 0.3% jump in May, while the average workweek is forecast to hold steady at 34.4. US data continues at 1400GMT with Wholesale Inventories data. US data sees the 1900GMT release of both Consumer Credit for May and Treasury Allotments By Class for June. Consumer credit usage is expected to fall to $4.0 billion in May after increases in each of the last seven months. Retail sales fell 0.2% in the month, while non-auto retail sales rose 0.3%.

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