Professional Forex Broker Analysis - 2009-07-02
· The ADP Employment Change was somewhat worse than expected, as we anticipated – dropping 473K vs. -394K expected. Stocks shrugged off the bad news and went higher, but were rejected intraday. The fear is that the Nonfarm Payrolls today will be worse than expected as well and that the expectation for the Unemployment Rate of 9.6% is too low. We expect 9.8%.

· It is notable that Crude Oil is under pressure – despite USD weakness. EURUSD now at 1.41 and gold performing well at 940.

· Auto Sales were also disappointing yesterday – showing no rebound yet.

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