August 5: USD after NFP

August 5, 2013

US dollar is struggling to gain traction after data on Friday showed that US employers slowed their pace of hiring in July.

EUR/USD is trading around the opening level at $1.3278 after it rose by more than 70 pips on Friday. Today watch for Spanish and Italian services PMI, euro zone’s final services PMI and the region’s retail sales. GBP/USD is in the $1.5270 area after it gained about 170 pips on Friday. Britain will also release services PMI. USD/JPY is trading to the downside, touching 98.65. The pair extends the decline from the Friday’s peak at 100.00. USD/CHF edged lower after touching the 0.9300 mark.

AUD/USD touched a fresh low of $0.8850 before recovering to $0.8890. Market sentiment towards the Aussie remains bearish ahead of the tomorrow’s RBA meeting: the probability of a 0.25 bps rate cut is pretty high. Today’s data showed Australia retail sales came flat in June at 0.0% m/m (vs. +0.4% expected). NZD/USD opened the week with a large bearish gap at $0.7750, pressured by the news that China banned New Zealand contaminated milk powder imports. Later on kiwi recovered to $0.7790, partially filling the gap. USD/CAD edged up and is in the 1.0400 area. It’s a bank holiday in Canada today.

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