The Dow Jones industrial average fell 27.8 points

Good morning from beautiful Hamburg and welcome to our last Daily FX Report for this week. Cuba has opened 35 Wi-Fi access points nationwide, offering unprecedented online access in a country that until now has restricted use of the Internet to an elite few. Before the Wi-Fi signals became available on Wednesday, broadband Internet access had been limited to largely to desktops at state Internet parlors and pricey hotels. Whether because of a lack of investment or concerns about the flow of information in a Communist state that monopolizes the media, Cuba has lagged behind in Internet usage. Only 3.4 percent of Cuban homes have either intranet or Internet access, according to a U.N. agency.

Anyway, we wish you a successful trading day and a relaxing weekend!

Market Review – Fundamental Perspective

U.S. markets will be closed on Friday in observance of Independence Day. On Wall Street on Thursday, major stock indexes logged losses, after employment data was not as robust as many had expected. Employers hired 223,000 workers last month, fewer than the 230,000 increase forecast by economists. The government also downgraded its reading on April and May job growth. Investors had been hoping that solid improvement in the labor market would reinforce expectations that the U.S. Federal Reserve will raise interest rates as early as September. The dollar was buying 123.06 yen, flat on the day and holding well above a five-week low of 121.93 hit on Tuesday. The euro was also steady on the day at 136.42 yen, and $1.1086 EUR. In commodities trading, U.S. crude fell about 0.6 percent to $56.60, after data from Baker Hughes showed the number of rigs drilling for oil rose by 12 this week, the first rise since December. Greece was headed to a referendum on Sunday that could decide its future in the euro zone. The effect on financial markets was viewed as mixed, with some analysts saying it will have little influence, though they acknowledge it is ultimately unknown. Days after Greece defaulted on part of its IMF debt, the Fund said Greece needs an extra 50 billion euros over the next three years, including 36 billion from its European partners, to stay afloat. It also needs significant debt relief. The Dow Jones industrial average fell 27.8 points, or 0.16 percent, to 17,730.11, the S&P 500 lost 0.64 points, or 0.03 percent, to 2,076.78 and the Nasdaq Composite dropped 3.91 points, or 0.08 percent, to 5,009.21.

Daily Technical Analysis

EUR/CAD (Daily)

The European currency was strong over 2 years but at the level around 1.550 the bears took the control. As against the most important currencies the euro began its fall and almost the whole 2014 it depreciated against the CAD. Not even the suppor level at 1.3369 could stop the fall, but the level around 1.3064. Currently it is moving downward. The Momentum is undeceisive pointing out for a possible sideward movement.

Support & Resistance (Daily)