The dollar fell further against the majors in Thursday trading, sliding most against the Swiss franc and Japanese yen by about 0.6%. The Dow Jones and S&P 500 were marginally lower on the session while the Nasdaq fell by almost 0.5%. Crude oil slide by 0.5% to just above the $82-per barrel mark while spot gold was little changed on the session, holding steady around the $1,195-mark.
The North American economic calendar was light for the day, consisting of Canada’s June building permits and the US initial jobless claims reading. Building permits in Canada improved by well over consensus estimates, printing at 6.5% in June versus an upwardly revised 8.2% decline in May. Weekly jobless claims in the US missed estimates for a slight improvement, instead increasing to 479k from an upwardly revised 460k in the previous week.
Rounding out this week’s dataflow will be the key jobs reports from the US and Canada. At 7:00 AM will be Canada’s July labor report, with consensus estimates looking for the unemployment rate to remain unchanged at 7.9%. The net change in employment is seen adding 12.5k jobs in July compared with the 93.2k surge in June. The Loonie rallied sharply following the June labor data, rallying by 1.25% versus the greenback following the release.
this is not good
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