Forex Analysis

Weekly Economic & Financial Commentary

U.S. Review All the Rage is the Wage • Nonfarm payrolls sparked a few fireworks,

The dichotomy of strong jobs data versus weaker headline growth was exacerbated by the June nonfarm payroll report, notes BNP Paribas.

BofA: Nonfarm payroll growth surged to 288,000 in June, exceeding expectations of a trend-like 215,000 clip.

Details on the upcoming refinancing operations and changes to the meeting schedule gave some colour to an unchanged monetary policy assessment.

In addition to economic optimism toward the Dollar, the Euro is seeing added pressure from expectationsof ECB easing.

Like the Euro, the Swiss is feeling pressure from the looming ECB easing expectation.

The yen continues to decline in a fashion that suggests conditions in the global economy are on the mend.

Apparently the flow of US data this week has reversed sentiment toward the Dollar.

Fortunately for the bull camp the Canadian has partially corrected the short termoverbought condition ahead of the US payroll results.

The Pound is short term technically overbought and it might also be fundamentally challenged if the USnon-farm payroll result is hot.

Today’s ECB meeting should not be a reason for anyone to postpone vacation plans or

NBP kept interest rates unchanged as expected … … but left door open for a possible rate cut On Wednesday, the National Bank of Poland (NBP)