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Forex Technical Report

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Futures Market Technical and Fundamental Recap

Thu, Jul 2 2009, 06:37 GMT
by Forex Hound Analysis Team

ForexHound.com

Tomorrow is U.S. Unemployment Report day.  Traders are guessing that 365,000 jobs were lost in June.  This figure should push the Unemployment Rate to 9.6%.  Trading was thin in most commodity markets.  Some traders feel that price movement was exaggerated because of the light trade.

The U.S. Dollar traded weaker overnight due to increased demand for higher yielding assets.  Strong buying in the Asian and European equity markets kept downside pressure on the Dollar throughout the night.  The weakness in the Dollar grew following the release of a better than expected ADP Employment Report. 

August Gold opened steady but accelerated to the upside as aggressive traders took advantage of thin market conditions and short traders who weren’t paying attention.  The weaker Dollar triggered the interest in the long side of gold, but it was the better than expected ADP Report that fueled the rapid up move.

Equity markets opened stronger in the U.S. but the rally fizzled as traders squared up positions ahead of the U.S. Unemployment Report.  Traders have a lot to worry about over the next few days.  Tomorrow the U.S. reports its Non-Farm Payroll figure for June, Friday is a U.S. market holiday and earnings season begins late next week. 

It’s hard to say how many traders will be around tomorrow to trade the number.  This means to expect an exaggerated move after the Non-farm Payroll number.  Some traders believe that this market will not move until Monday.

By FuturesHound.com the portal for Analysis, Education and exclusive timely market Gann Analysis .

Disclaimer: Trading Futures on the margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore should not invest money that you cannot afford to lose.

Published on  Thu, Jul 2 2009, 06:41 GMT