Market Update for July 2

Yesterday we saw more euro weakness for most of the day. The only exception was at 10:00 to 11:00. This is the final hour of London trading and I've been noticing extreme moves during this time period. There's a lot of position squaring going on and the market is quite active. I have yet to try and take advantage of this time frame. It's something new that I've noticed. I will certainly be watching it more closely going forward and look to capitalize. I will be adding this to my daily game plans.

In regards to yesterday's game plan, I traded the game plan that I had for yesterday. I traded the UK Manufacturing PMI data, the ADP report, and the ISM numbers. All three reports were US dollar bullish and I traded accordingly. Here on this hourly chart you can see how the euro has almost retraced all of Monday's move. If today's US employment report comes in strong, look to test the 1.0950 lows again.

The British pound has weakened as well and is testing the 1.56 support level.

The USD/JPY is moving higher as the 122 support level held.

The Loonie continues to weaken against the Greenback after this weak's negative GDP print.

The Swissy continues to weaken against the US dollar to the relief of the Swiss National Bank. The Bank intervened earlier this week to prevent the Swissy from strengthening too much.

For today, here's what I'll be looking at.

04:30 UK Construction PMI - expectation is for a reading of 56.5, up from 55.9 last month.

07:30 ECB Minutes

08:30 US Employment Report - expectations are for the US economy to have created 230k new jobs. Last month the number was 280k.

10:00 US Factory Orders - expectations are for a reading of -0.5%, down from the previous reading of -0.4%.

It'll be a busy day ahead of the long US holiday weekend. As always, best of luck and happy trading!