Here is what you need to know on Friday, July 5: Following the Independence Day holiday in the US, trading conditions are starting to normalize early Friday.
Eurostat will release Retail Sales data for May and later in the day the US Bureau of Labor Statistics will release the June jobs report, which will include Nonfarm Payrolls, Unemployment Rate and wage inflation figures. Statistics Canada will also publish labor market data ahead of the weekend. The US Dollar trades under modest bearish pressure as the currency still feels the negative impact of Wednesday's disappointing data releases.
EUR/USD continues to edge higher after posting small gains on Thursday and trades in positive territory above 1.0800 in the European morning on Friday. USD/CAD stays under bearish pressure and trades near 1.3600 ahead of jobs data from the US and Canada. USD/JPY extends its correction from the multi-decade high it set near 162.00 earlier in the week and trades below 161.00 to start the European session.
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