Global macro overview for 10/07/2015
The recent events made a higher impact on the market. The Canadian labor market June data release is is due at 11:30 GMT today. Initially, the market expected an increase in unemployment rate from 6.8% to 6.9% and decline in employment change from 58.9K to -4.5K. Worse-than-expected data will increase the pressure on Bank of Canada to cut its current 0.75% rate for the second time this year. The BoC's rate decision release is scheduled for next Wednesday.
The market's response to worse-than expected Canadian labor data might be expressed in another attempt to break the resistance at the level of 1.9610 and head towards the level of 1.9750. In caseof better-than-expected data, the market should trade in a range between the levels of 1.9610 and 1.948.