FxWirePro: GBP/NZD grinding higher as frustrated shorts pare back after mixed US jobs report 
Market Roundup
•US Jul Exports 266.60B, 265.90B previous
•US Jul Imports345.40B, 339.00B previous
•US Jul Trade Balance -78.80B ,-78.80B forecast, -73.10B previous
•Canada Jul Exports 65.66B,66.65B previous
•Canada Jul Imports 64.97B,66.01B previous
•US Redbook (YoY) 6.3%,5.0% previous
•Canada BoC Interest Rate Decision 4.25%,4.25% forecast, 4.50% previous
•US Jul Durables Excluding Defense (MoM) 10.3%,10.4% previous
•US Jul Durables Excluding Transport (MoM) -0.2%,-0.2% previous
•US Jul Factory Orders (MoM) 5.0%,4.7% forecast,-3.3% previous
•US Jul Factory orders ex transportation (MoM) 0.4%,-0.2% forecast, 0.1% previous
•US Jul JOLTs Job Openings 7.673M, 8.090M forecast, 8.184M previous
•Canada Jul Trade Balance0.68B, 0.70B forecast, 0.64B previous
Looking Ahead Economic Data (GMT)
• 23:30 Japan Jul Overall wage income of employees 3.0% forecast, 4.5% previous
• 23:30 Japan Jul Overtime Pay (YoY) 0.90% previous
• 23:50 Japan Foreign Bonds Buying 1,542.9B previous
• 01:30 Australia Jul Exports (MoM) 1.7% previous
• 01:30 Australia Jul Imports (MoM) 0.5% previous
• 01:30 Australia Jul Trade Balance 5.050B forecast, 5.589B previous
Looking Ahead Events And Other Releases (GMT)
•Non Events Ahead
Currency Summaries
EUR/USD: The euro advanced on Wednesday as dollar weakened after U.S. job openings data for July pointed to a softening labor market, tilting the odds further in favor of larger interest rate cuts by the Federal Reserve. Meanwhile ,Euro zone business activity received a boost from France hosting the Olympic Games last month, a survey showed. The HCOB composite Purchasing Managers' Index (PMI) for the Eurozone, compiled by S&P Global and considered a reliable indicator of overall economic health, rose to 51.0 in August from 50.2 in July. The euro was 0.2% higher at $1.1070, recovering from early marginal declines. Immediate resistance can be seen at 1.1077(38.2%fib), an upside break can trigger rise towards 1.1132(Aug 20th high).On the downside, immediate support is seen at 1.1022(50%fib), a break below could take the pair towards 1.0968 (61.8%fib).
GBP/USD: Sterling held steady on Wednesday after a survey showed Britain's services activity grew last month at the fastest pace since April, adding to signs of momentum in the economy.The S&P Global UK Services Purchasing Managers Index rose in August to 53.7 from 52.5 in July, above a preliminary estimate of 53.3.The survey, which also pointed to easing price pressures, followed a poor reading on U.S. manufacturing activity which knocked global stocks lower ahead of monthly U.S. payrolls data on Friday. The pound edged higher 1.3146 up 0.01 percent, recovering from two-week low touched in the prior session. Immediate resistance can be seen at 1.3178(38.2%fib), an upside break can trigger rise towards 1.3223(Aug 29th high).On the downside, immediate support is seen at 1.3092(38.2%fib), a break below could take the pair towards 1.3052(61.8%fib).
USD/CHF: The dollar declined on Wednesday as the Swiss franc gained strength amidst growing concerns about the U.S. economic outlook. The shift in sentiment was fueled by data showing that manufacturing activity remained in contraction, adding to apprehensions following a recent global market downturn linked to signs of softening labor demand. On the data front, U.S. job openings fell to a 3.5-year low in July, indicating a steady slowdown in the labor market. However, this decline is likely not significant enough to prompt the Federal Reserve to consider a substantial interest rate cut this month. Immediate resistance can be seen at 0.8529(38.2%fib), an upside break can trigger rise towards 0.8612(50%fib).On the downside, immediate support is seen at 0.8439(23.6%fib), a break below could take the pair towards 0.8405(Aug 29th low).
USD/CAD : The Canadian dollar strengthened against the U.S. dollar on Wednesday, buoyed by the Bank of Canada's expected interest rate cut and U.S. economic data that pressured the greenback. The Bank of Canada reduced its key policy rate by 25 basis points to 4.25%, with Governor Tiff Macklem suggesting that a larger rate cut might be considered if the economy needs further stimulation. On the economic front, Canada posted a trade surplus of C$684 million in July, as imports decreased more rapidly than exports, reversing the previous month's deficit according to revised figures. Additionally, the price of oil, a significant Canadian export, fell by 1.3% to $69.40 per barrel, influenced by U.S. economic data and recent weak data from China, which heightened concerns about a slowing global economy. Immediate resistance can be seen at 1.3562 (38.2% fib) break can trigger rise towards 1.3634(50% fib).On the downside, immediate support is seen at 1.3471 (23.6% fib), a break below could take the pair towards 1.3449 (Aug 28th low).
USD/JPY: The dollar fell against the yen on Wednesday as the safe-haven Japanese yen strengthened amid a sharp sell-off on Wall Street, the worst in nearly a month. Weak U.S. manufacturing data heightened fears of a potential hard landing for the world's largest economy, adding to trader unease ahead of Friday's critical payrolls report. U.S. non-farm payrolls will be closely watched for further clues on the state of the economy and outlook for the Federal Reserve's monetary policy. In late U.S. trading, the yen had gained about 0.15% to 145.50 per dollar, following a 1% rally overnight against a broadly stronger dollar.Strong resistance can be seen at 147.31(38.2 %fib), an upside break can trigger rise towards 148.00(Psychological level). On the downside, immediate support is seen at 144.61(23.6 %fib), a break below could take the pair towards 143.81(Lower BB).
Equities Recap
Europe's major share indices dropped to a two-week low on Wednesday, with technology stocks leading the declines as fall was driven by fears of a potential slowdown in the U.S. and ongoing weakness in the Chinese economy.
UK's benchmark FTSE 100 closed down by 0.35 percent, Germany's Dax ended down by 0.83 percent, France’s CAC finished the day down by 0.98percent.
U.S. stocks ended slightly lower on Wednesday amid volatile trading, following labor market data and remarks from a Federal Reserve official that supported the case for an interest rate cut.
Dow Jones closed up by 0.09% percent, S&P 500 closed down by 0.16% percent, Nasdaq settled down by 0.31% percent.
Commodities Recap
Gold prices rebounded on Wednesday, driven by a weaker dollar and lower yields. The turnaround followed a drop in U.S. job openings, which suggested the possibility of a significant interest rate cut by the U.S. Federal Reserve at its upcoming policy meeting.
Spot gold gained 0.1% to $2,494.24 per ounce as of 1:41 p.m. ET (1741 GMT), bouncing back from a two-week low of $2,471.80 hit earlier in the session. U.S. gold futures settled 0.1% higher to $2,526.00.
Crude futures dropped by over $1 a barrel on Wednesday amid volatile trading. Traders expressed concern about future demand as crude producers provided conflicting signals regarding potential supply increases.
Brent crude futures settled down $1.05, or 1.42%, to $72.70 a barrel. U.S. West Texas Intermediate crude futures settled down $1.14, or 1.62%, at $69.20.
