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5 Jun 2013
Flash: Investor focus falls on NFP report - BMO Capital Markets
FXstreet.com (Barcelona) - BMO Capital Markets analysts feel that there is very little to say on Funds this morning as the recent ranges continue to prevail and this looks likely to continue ahead of Friday’s Employment Reports.
They note that yesterday’s April Trade Balance data was marginally worse than expected but the market reaction was pretty muted. Further, the main flows they saw yesterday were CAD liquidation on selected crosses, with good demand seen for both GBP/CAD and EUR/CAD throughout the session. They add that key levels in USD/CAD remain well defined, with strong resistance in the 1.0400/1.0425 area, and support below 1.0300 down to this week’s lows at 1.0260/70. Additionally, April Building Permits today at 13.30 BST, market looks for -3.0%.
They note that yesterday’s April Trade Balance data was marginally worse than expected but the market reaction was pretty muted. Further, the main flows they saw yesterday were CAD liquidation on selected crosses, with good demand seen for both GBP/CAD and EUR/CAD throughout the session. They add that key levels in USD/CAD remain well defined, with strong resistance in the 1.0400/1.0425 area, and support below 1.0300 down to this week’s lows at 1.0260/70. Additionally, April Building Permits today at 13.30 BST, market looks for -3.0%.