The US dollar enters the new week hoping to regain some data support, says BNP Paribas.
“Due to the holiday on Friday, the US economic calendar will be quite condensed, with the June nonfarm payrolls report released on Thursday. We are in line with consensus expecting a 210k gain, just above the 6-month trend. The unemployment rate should remain unchanged,” BNP projects.
“On Monday we see the June Chicago PMI falling to 63, while May pending home sales should rise by 0.5% m/m. Overall, we expect this to be a more positive week for the US data, although probably falling short of triggering a significant USD rally,” BNP adds.
“We expect our USDJPY long recommendation to see some support from the recent lows ahead of our stop order at 100.65,” BNP expects.
