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Fundamental News: July 4, 2013

Automatic Data Processing yesterday announced that US employment within the private sector rose by 188,000 in June, following a 134,000 gain back in May.


Meanwhile, US unemployment claims for the prior week gained slightly less than expected, according to latest Department of Labor data. Analysts were expecting 345,000 claims, but actual data showed 343,000, fewer than the earlier week’s 348,000 claims. The figure was released one day earlier because of Independence Day which will be celebrated today.


Canada and US Trade Balance reportedly came in at –CAD0.3 billion and -$45 billion, respectively. Canada’s international trade deficit declined in May as merchandise exports and imports decreased, 1.6 percent and 3.2 percent, respectively. On the other hand, US trade deficit increased in May as imports surprisingly advanced to near-record levels, according to the Bureau of Economic Analysis.


Institute for Supply Management proclaimed on its latest Non-Manufacturing ISM Report that the ISM Non-Manufacturing Purchasing Managers’ Index weakened to 52.2 in June from 53.7 in May. However, this is the 42nd consecutive monthly expansion as economic activity continues in the non-manufacturing sector.


Today, Australian Bureau of Statistics reported that Building Approvals in Australia contracted a seasonally-adjusted 1.1 percent in May. This comes after a 9.5 percent advance back in April.


In the UK, Halifax House Price Index edged up 0.6 percent in June, according to the Halifax Bank of Scotland. The annual rate is at its strongest level in almost three years, while activity, in terms of mortgage approvals, picked up between April and May.


Later, all eyes will be glued on the Bank of England and European Central Bank rate decisions. The United States celebrates Independence Day today.


Commodities News 

Gold continued to have trouble moving beyond the $1,260 area for the third day yesterday. Currently, price trades around the $1,250s as the market awaits interest rate decisions from the BOE and ECB later. 

Oil made a strong move yesterday, punching through levels which finally fizzled out just above $102. Traders attempted to print a higher high but sellers happily met them at the top. Now, price is trading just below the $101 level. Sellers will surely look for a sustained move through this level.

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