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Will the US employment suddenly deteriorate? On the eve of the non-agricultural employment data, this data is of interest tonight.
Economists predict that the number of initial jobless claims for the week ending June 29 may slightly increase from 233,000 the previous week to 235,000, and this potential upward trend may indicate a cooling job market.
USD/CAD Weakens Below 1.3700 Ahead of FOMC Minutes
The USD/CAD pair edges lower to 1.3675 during the early Asian trading hours on Wednesday, supported by the weaker US Dollar (USD).
Chicago Fed Chairman: Interest rates should be considered lowered in the coming months due to sustained inflation decline.
Golsby believes that interest rate cuts should be considered in the next few months.
Benefit of the Doubt: US Consumer Confidence and Elections
Despite widespread expectation for the U.S. economy to be in recession in 2024, that fate has been avoided thanks to a resilient U.S. consumer. Yet it is difficult to square this undaunted spending with consumer confidence and sentiment readings that are lackluster at best.
Forex Today: US Data and FOMC Should Dictate the Price Action
The USD Index (DXY) maintained its bearish stance in place for the fourth session in a row, although navigating tight ranges and always below the 106.00 hurdle. A busy calendar on July 3 will see the release of weekly Mortgage Applications in the first turn, seconded by the ADP Employment Change and Balance of Trade.
Canadian Dollar Rebounds on Tuesday, Extends Choppy Trading Pattern
The Canadian Dollar (CAD) recovered ground on Tuesday after CAD traders shrugged off a slight misfire from Canadian Purchasing Managers Index (PMI) figures. Market sentiment is broadly picking up steam and carrying the Canadian Dollar into recovery mode.