GBP Awaits NESR Fcst, CAD Jobs Figs Mixed
London traders tried to reverse the trend towards a stronger USD seen during the Asian session. USD is currently mixed, stronger against the EUR and AUD and weaker or unchanged against the rest of the majors. GBPUSD is bid despite disappointing Industrial production data. Federal budget deficit data is due later today.
GBP experienced a high volatility after UK April Industrial Production printed -1.7% from previous 0.2% marking the largest decline since August 09. GBPUSD has since recovered most of the losses and currently stands firmly above session lows.
CAD May employment number came out slightly above expectation at 22.3K but weaker than previous 58.3K. Relatively low employment contrasts with unemployment print that showed 7.4% from previous 7.6%. The unemployment has been decreasing each month for the past five months.
At 10:00 am ET, NIESR releases its estimate of UK GDP. The previous reading stood at 0.3%. US monthly budget statement at 2:00 pm. Budget deficit is expected to widen to $150 bln from $136 bln.
Unless these releases shock the market with truly unexpected result, any impact is likely to be limited and short lived. Market dynamics are likely to be determined by overall sentiment and squaring of positions ahead of the weekend.
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