YEN IS THE DAYs WORST PERFORMER, closely followed by the tumbling USD as the combination of stabilization in Asian/European equities and onslaught of negative US data weigh on both currencies. Markets await US June non-farm payrolls expected to decline by 125K(estimates range from -200K to flat). Since census workers are expected to have shown a net loss of about 230k, PRIVATE PAYROLLS are expected to have risen by 105K. June unemployment rate seen at 9.8% from 9.7%. A disappointing number is likely to maintain the sell-off in the USD because the intensity of negative US figures has occurred simultaneously with stabilizing dynamics in the Eurozone. The break above 1.2480 in EURUSD will likely give way to an initial target of $1.2660.
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