The ADP Non-Farm Employment Change statistics will be released in a couple of hours from the States. Because of the Independence Day holiday about to be celebrated on Friday, the official government Non-Farm jobs numbers will be released tomorrow. The numbers are always important and due to the fact the U.S. data has been rather poor (even though some analysts insists weather is to blame) traders should be on alert.
The U.S. will be closed for trading on Friday, meaning that today and tomorrow could be volatile days. It is a question of taking positions and whether or not those positions will be held throughout the long weekend. Traders may begin disappearing early tomorrow and essentially use the jobless data as a final barometer before escaping their offices.
The EUR continues to trade near important resistance levels but has not punched through as of yet. Gold also has maintained higher values. WTI has traded slightly lower the past day, but speculative forces will need to be considered before going into the weekend.
PMI numbers from Europe were disappointing yesterday, the States delivered lukewarm results. Spanish Unemployment Change figures were uncomfortable again today. Construction PMI stats from the U.K. were better than expected earlier today. The GBP has fostered strong values and has not shown any signs of slipping the past few trading sessions.
Besides the jobless numbers from the States tomorrow, a slew of other figures will be released from Europe, the U.K., and America. The question is what risks will be taken as traders try to distinguish the amount of volume that will vanish come late Thursday. This will essentially leave European traders to themselves come Friday morning, which could mean rather cautious waters. Having said that traders will need to be on the look out for swift tides today and tomorrow. Equities, FX, and commodities all find themselves testing rather interesting ranges short-term. And the question is what traders will do knowing full well that they may not want to hold onto positions into Monday. Meaning that day traders are likely to have a large effect on the broad markets these next two days.
The jobs countdown begins and the data will be important as it is weighed against rather troubling GDP figures from the States that has come in recent weeks.