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EUR/USD holds near highs - around $1.4640. Euro perhaps to retest the 2011 highs around $1.4960 in coming weeks.
Dow -42.68 at 12205.87, Nasdaq -20.55 at 2752.76, S&P -5.27 at 1307.67

Stocks continue to stage their recovery from this morning's sell off as both the Dow and S&P trade down 0.4% while the Nasdaq continues to hold losses of 0.7%.
The S&P 500 Telecommunications Services Index is currently the worst performing among the S&P 500 components, trading down close to 1.0%. American Tower (AMT 52.23, -2.15) is leading today's decline.

USD/JPY weakened

USD/JPY weakened and holds around Y80.30 area in a thin trading. Bids were earlier mentioned at Y80.00 and recent chatter has confirmed that interest, though stops are known below there.

US focus: Dollar declines after US Payrolls report

The dollar fell, reaching a one-month low against the yen, after a report showed U.S. employers in May added the fewest jobs in eight months, increasing concern the recovery is slowing.
The U.S. currency dropped to a record low against the Swiss franc as investors sought haven assets after the jobless rate unexpectedly rose to 9.1%.

The dollar has dropped 5.8% this year. The euro has gained 3% this year and the yen has dropped 4.7%.
U.S. payrolls increased by a less-than-projected 54,000 last month, after a revised 232,000 gain in April that was smaller than initially reported, Labor Department figures showed today. The median forecast called for payrolls to rise 165,000. The jobless rate climbed to the highest level this year from 9% a month earlier.
“It’s an ugly, ugly number. It shows a considerable slowdown in economic activity,” said Boris Schlossberg at GFT Forex.
The Institute for Supply Management’s index of U.S. non- manufacturing business increased to 54.6 in May from 52.8 a month earlier. The median forecast projected the measure would rise to 54.
A report earlier this week showed manufacturing in the U.S. last month expanded at the slowest pace since September. Home prices in 20 U.S. cities dropped to the lowest level since 2003 in March, another report showed.
The Fed has kept its benchmark interest rate at a record low of zero to 0.25% since December 2008. The European Central Bank raised its rate by 25 basis points in April and the Reserve Bank of Australia has raised its benchmark rate seven times since the financial crisis.
The euro rose to a one-month high against the dollar as Greece’s government said a review of the country’s economic progress by the European Union, International Monetary Fund and European Central Bank concluded “positively.”

Techs on S&P 500

The S&P 500 holds at 1305.01, after trading in a 1297.90 to 1312.94 range. The index last traded below the psychological 1300 level on April 18 (1294.70 low) but did not close below that level. The index holds below its 100-day movering average (1317.87).

Dow -100.39 at 12148.16, Nasdaq -22.75 at 2750.56, S&P -10.80 at 1302.14
US: May nonmfg ISM 54.6 vs 52.8 April
Dow -115.07 at 12133.48, Nasdaq -23.92 at 2749.39, S&P -12.19 at 1300.75

The major market averages opened sharply lower with all three indices trading down close to 1.0%. Commodity-related names are the worst performers with materials down 1.4%, industrials lower by 1.4%, and energy off 1.2%.

Before the bell:

U.S. stocks were headed for a sharp sell-off at Friday's open, following a weak report from the government showing a disappointing slowdown in job growth.
Over the last few months, signs of a stalling recovery have been building, with stocks delivering their worst monthly performance in May since August 2010.
The government's May jobs report only exacerbated those worries.
Employers added a mere 54,000 jobs last month, down from a downwardly revised 232,000 in the previous month. The unemployment rate nudged up to 9.1%.
That was much worse than 170,000 expected obs were created in May, and that the unemployment rate would hav ticked down to 8.9%.
The Institute for Supply Management will put out its May services index at 14:00 GMT. Economists are looking for the index to edge up to 53.3 from April's 52.8.
Oil for July delivery slipped $1.70 to $98.70 a barrel.
Meanwhile, gas prices inched up for a second day, following a 20-day streak of declines.
Gold futures for July delivery rose $8.20 to $1,540.20 an ounce.
Companies: The U.S. Treasury announced Friday it sold off its last remaining stake of Chrysler Group LLC to Italian automaker Fiat, which already holds a controlling share. The Treasury said on Thursday that it will sell its 6% stake -- 98,461 shares -- to Fiat for $500 million.
On Thursday, online coupon company Groupon filed for a $750 million initial public offering. Groupon plans to trade under the symbol "GRPN."
World markets:

Moody's Investors Service said Friday it has downgraded the deposit and senior debt ratings of eight Greek banks.

USD/JPY under pressure

Extends lows to Y80.53, but reported strong demand in the area between Y80.55/50, with talk that stops positioned on a break below of are decent size. A break here to open a deeper move toward Y80.35/30. Further demand seen between Y80.15/00 with larger stops noted sub Y80.00. Resistance Y81.00, strengthening toward Y81.20 with stops above.

US: May payrolls +54k
European session: market awaits US jobs data

The dollar fell toward a three-week low against the yen before a report that’s forecast to show U.S. employers added fewer jobs in May, making it harder for the Federal Reserve to tighten monetary policy.
U.S. job growth slowed to 165,000 new employees in May from 244,000 in April, according to estimates.
The yen rose against all 16 of its most-traded peers as Asian stocks declined after a measure of Chinese corporate activity fell in May. China’s non-manufacturing purchasing managers’ index fell to 61.9 in May from the previously reported 62.5 in April, according to a statement today by the Beijing-based National Bureau of Statistics and the Federation of Logistics and Purchasing. A reading above 50 indicates an expansion.
The dollar fell amid speculation that further signs of economic slowdown will prompt the Federal Reserve to expand quantitative easing, debasing the currency.
“It’s all about risk dynamics and the prospect of a deteriorating global economic environment,” said Jeremy Stretch, London-based head of currency strategy at Canadian Imperial Bank of Commerce. “The major focus is obviously on the non-farm payroll report, where markets have downgraded expectations. We look for risk-off sentiment to predominate into the close, with the dollar losing out to the yen.”
The euro is headed for its longest stretch of weekly gains versus the dollar since March as international officials prepare a second bailout for Greece.
The pound reached a one-month low against the euro as a report showed U.K. services growth slowed for a second month in May. A gauge based on a survey of companies fell to 53.8 from 54.3 the previous month, Markit Economics Ltd. and the Chartered Institute of Purchasing and Supply said today. The median estimate of economists polled by Bloomberg News was for a decline to 54.2.
“We look for renewed underperformance of the pound going forward,” London-based Morgan Stanley analyst Tim Davis wrote in a research note dated yesterday. “The growth outlook remains subdued and the recent economic data flow has disappointed.”
US data starts with the main event for Friday, as at 1230GMT, Non-farm payrolls are expected to rise 190,000 in May, with private payrolls seen up 210,000. The unemployment rate is forecast to fall to 8.9% after rebounding to 9.0% in April. Hourly earnings are expected to
post a 0.2% rise following the 0.1% rise in April, while the average workweek is forecast to hold steady at 34.3 hours for yet another month. However, the labour market data isn't the only major piece of US economic data due Friday, at 1400GMT the ISM non-manufacturing index is expected to rise to a reading of 54.0 in May after falling sharply in April.

Orders desk:

$1.4520, $1.4550, $1.4570, $1.4590
$1.4445/40, $1.4420, $1.4400, $1.4360/50

GBP/USD back above $1.6300

Recovers back above $1.6300, after posting lows during the European morning of $1.6285. Rate currently trades around $1.6310. Bids now seen placed between $1.6285/80 with stops below, a break to expose next support at $1.6270/65. Below here and rate can sink toward $1.6250/45 ($1.6245 61.8% $1.6058/1.6548), with more stops sub $1.6240. Resistance now seen at $1.6325/35.

GBP/USD under pressure

Stops triggered through $1.6300 and $1.6290, taking rate down to $1.6285. Move meerting some profit take demand, following the pressured move but recovery efforts remain shallow. Next support seen at $1.6270.

FTSE +0.15% 5,857, CAC +0.17% 3,896, DAX +0.51% 7,110

Recovery seen meeting resistance around the 61.8% retrace of the move down from $1.4518 to $1.4460, which comes in at $1.4496, a  break to open a move toward $1.4504 (76.4%) ahead of the stronger $1.4515/20 area. Stops are noted above this area. Rate currently trades around $1.4490.

08:17 GMT
Asia Pacific stocks close:

Nikkei  -0.66% 9,492
Hang Seng  -1.35% 22,939
S&P/ASX  -0.38%  4,583
Shanghai Composite  +0.84%  2,728

EUROZONE: May svcs PMI 56.0
GERMANY: May svcs PMI 56.1
US Stocks: Thursday's review


The major market averages finished the day mixed as the Nasdaq saw a gain of 0.2% while the Dow and S&P 500 lost 0.3% and 0.1% respectively. 
Education stocks were among the best performers after the Department of Education issued a favorable gainful employment ruling. The final rules published last night give the for-profit education companies more time to comply with the changes than the initial ruling had proposed. Corinthian Colleges (COCO 5.06, +1.07), Strayer Education (STRA 144.95, +23.08) and Apollo Group (APOL 46.90, +4.71) saw some of the biggest gains as a result of the announcement. 
Financials reversed early losses, finishing the day higher by 0.2%. Goldman Sachs (GS 134.38, -1.79) was among the worst performers in the S&P 500 Financial Index, falling on reports that a Manhattan prosecutor served the company a subpoena. Heavyweights Bank of America (BAC 11.30, +0.06), Citigroup (C 40.01, +0.36), and Wells Fargo (WFC 27.16, +0.22) saw early losses after Moody's announced the companies were placed on review for a possible downgrade due to government support returning to pre-crisis levels. Those losses were erased as the session wore on, and all three ended the day in positive territory. 
Industrials were among the top performing sectors today, buoyed by a strong second quarter earnings report from Joy Global (JOYG 90.51, +4.63). The company announced earnings of $1.52 per share, topping the Thomson Reuters consensus by $0.17, and reported an 18.6% increase in revenues to $1.06 billion. The company said it expects full year 2011 earnings per share of $5.30-$5.60, up from its previous estimate of $5.10-$5.40. Peer John Deere (DE 84.23, +1.47) piggybacked gains, ending up 1.8%. 
Retail stocks lagged today after May Same Store Sales were generally disappointing. Saks (SKS 11.21, +0.15) was a notable outperformer, with sales climbing 20.2% versus the consensus estimate of an 8.2% rise. The reports on the whole were generally weaker-than-expected with Gap (GPS 18.12, -0.78), Kohl's (KSS 51.39, -1.53), and JC Penney (JCP 33.07, -0.92) all missing estimates. 
Treasuries ended at their worst levels of the day, pushed to their lows after Moody's warned the U.S. credit rating could be cut if no imminent progress is made on debt ceiling talks. The 10-yr yield finished just below the 3.03% threshold while the 2-10-yr spread steepened to 256.6 basis points. 
The dollar index finished near its worst levels of the day after reports that a new three-year "adjustment plan" had been agreed upon in principle in an effort to aid Greece. Those reports were later denied by the European Union Commission, but the news helped the euro hit a one-month high above 1.45. 
Nonfarm payrolls, nonfarm private payrolls, the unemployment rate, hourly earnings, and average workweek will all be released at 8:30 a.m. ET tomorrow with ISM Services following at 10 a.m. ET.

Tech on USD/JPY

Resistance 3: Y82.20 (around of May 19 and 24 high) 
Resistance 2: Y81.80 (May 31 high) 
Resistance 1: Y81.30 (МА (200) for Н1) 
Current price: Y80.66
Support 1:Y80.60 (session low)  
Support 2:Y80.20 (May 10 low) 
Support 3:Y79.55 (May 5 low)  
Comments: the pair decreased. The nearest support - Y80.60. Below losses are possible to Y80.20. The nearest resistance - Y81.30. Above growth is possible to Y81.80. 

Tech on USD/CHF

Resistance 3: Chf0.8580 (38.2% FIBO Chf0.8890-Chf0.8380, МА (200) for Н1)
Resistance 2: Chf0.8550 (Jun 1 high)
Resistance 1: Chf0.8450 (Jun 2 high)
Current price: Chf0.8439
Support 1: Chf0.8410 (support line from Jun 1)
Support 2: Chf0.8380 (Jun 1 low)
Support 3: Chf0.8300 (psychological mark)
Comments: the pair slightly grown. The nearest resistance Chf0.8450. Above is located Chf0.8550. The nearest support - Chf0,8410. Below loss may extend to Chf0.8380. 

Tech on GBP/USD

Resistance 3: $ 1.6500 (around of Jun 1 high, resistance line from May 2)
Resistance 2: $ 1.6420 (resistance line from May 31, Jun 2 high, 50,0 % FIBO $1,6550-$ 1,6300)
Resistance 1: $ 1.6380 (session high, МА(200) for Н1)
Current price: $1.6342
Support 1 : $1.6300 (50.0 % FIBO $1.6060-$ 1.6550, Jun 2 low)
Support 2 : $1.6240 (61.8 % FIBO $1.6060-$ 1.6550)
Support 3 : $1.6130 (May 25 low)
Comments: the pair slightly decreased. The nearest support $1.6300. Below  decrease is possible to $1.6240. The nearest resistance - $1.6380. Abov growth is possible to $1.6420. 

Tech on EUR/USD

Resistance 3: $ 1.4650 (Apr 21 high)
Resistance 2: $ 1.4565 (61.8 % FIBO $1.4940-$ 1.3960)
Resistance 1: $ 1.4520 (session high, Jun 2 high)
Current price: $1.4483
Support 1 : $1.4400 (support line from May 26)
Support 2 : $1.4300 (38.2 % FIBO $1.3960-$ 1.4520, Jun 1 low)
Support 3 : $1.4260 (МА (200) for Н1)
Comments: the pair bargains in the field of the high reached yesterday. The nearest support $1,4400. Below losses are possible to $1.4300. The nearest resistance $1.4520. Above growth is possible to $1,4565. 

Schedule for today, Friday, Jun 03'2011:

07:55 Germany PMI services (May) seasonally adjusted 54.9 56.8
08:00 EU(17) PMI services (May) 55.4 56.7
08:30 UK CIPS services index (May) 54.2 54.3
12:30 USA Nonfarm payrolls (May) +178K +244K
12:30 USA Unemployment rate (May) 8.9% 9.0%
14:00 USA ISM Non-mfg PMI (May) 54.5 52.8

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