USD

China has reportedly announced that it wants an open and public debate on a new global reserve currency at the G8 summit next week. This news caused the Dollar to fall mostly across the board and helped it slide to a new three week low against the Euro.  

Not helping the Dollar on Wednesday was a data release of private sector jobs which lost roughly 470,000 jobs. This preamble to the ever anticipated non-farms payroll report, which comes out later on today, stunned economists as it came in higher than expected and set the stage for a disappointing non-farm payroll figure.

At 11:30 PM GMT, the Dollar was down 1.1% to the Canadian Dollar to 1.1496, down .21% to the Australian Dollar to .8078, down .2% to the British Pound to 1.6498, down 1.08% to the Swiss Franc to 1.0745 and up .3% to the Yen to 96.64.

EUR

The Euro spent most of the day up broadly on Wednesday, after positive manufacturing data helped drive hope that the slow and long journey back to stability was beginning in the Euro Zone - Good news for the Euro in the Forex online markets out there.   

The news came 1 day ahead of the European Central Bank’s policy meeting, in which it is expected that they will leave rates unchanged and disclose more information about their asset buying program which, has been shroud in secrecy for months.

At 11:40 PM GMT, the Euro was up .82% to the US Dollar to 1.4146, up 1.14% to the Japanese Yen to 136.73, up .7% to the British Pound to .8582, up .56% to the Australian Dollar to 1.7482, down .2% to the Swiss Franc to 1.5201 and down .3% to the Canadian Dollar to 1.6257.

TIPS FOR TODAY

The US non-farm payroll report is due out today and it is widely expected that the US will shed 363,000 jobs in June, however it is likely that this number will be higher based on the ADP (Automated Data Processing) estimates that the US economy cut 473,000 jobs.  

The ADP report is an informal report released by the largest payroll processing service and usually has a good insight into the employment status.

Keep in mind when trading that the US markets are closed on Friday in advance of the US Independence Day celebrations. One other thing to consider is the global political situation in advance of the July 4th US holiday, with North Korea threatening, Al Qaeda hinting and Honduras about to explode.