Morning Market Updates – Greenback Looks for Rebound

Australia’s trade balance for May was registered at 2.47 bn against the previous value of 0.56 bn. The exports jumped by 9% m/m, while imports rose by 1% m/m. Moving on for the day, we have Germany’s Factory orders which seems to have dropped down with a value of -2.1% when compared to the previous releases. Switzerland awaits the Consumer Price Index release with better forecasts when compared to the previous releases at 0.5% for (YOY) and 0.2% on (MOM).

Traders should pay attention to the European Central Bank (ECB) Executive Board Member Peter Praet’s speech in the day. The Building Permits issued by Statistics Canada seems to have dropped down with a value of -0.2% when compared to the previous value of 2.6%. The International Merchandise Trade was registered with -0.37B when compared to the previous value of -0.53B.

Greenback has some major releases in the day with the Employment Change at 253K looking stronger than previous 185K. However, the Trade Balance showed negative signals with 47.6B when compared to the previous value of 46.2B and the Counting Jobless Claims are at 1.948M when compared to the previous value of 1.939M.

The Initial Jobless Claims caused trouble for the greenback with a value of 244K when compared to the previous value of 243K. The ISM Non-Manufacturing Index showed a slight upbeat with 56.9 with the Economic Optimism Index above the required 50 levels. The EIA Crude Oil stockpiles are forecasted at 0.118M and Fed Stanley Fischer’s speech would decide the course of the greenback in the day.
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