* US ADP National Employment falls 371k in July, more than the 345k job losses expected.
* US Factory Orders rise 0.4% in June, comfortably beating estimates of a 1% fall.
* US Non-manufacturing ISM disappoints, falling to 46.4 in July, much lower than the 48.0 expected. Employment falls to 41.5 and the Business activity falls to 46.1 in July.
To paraphrase that great footballing cliche it really was a session of two halves today. Right from the off Eur/Usd came under pressure and was hit by a double dose of negative economic reports, but when the pair failed to take out support at 1.4355 a short squeeze occurred resulting in a new yearly high up at 1.4447.
Cable was very similar posting a high at 1.7044 in the European session after a succession of upbeat economic reports. The disappointing data stateside pushed the pair back down to 1.6930 briefly until shorts were squeezed, butthis time 1.7038 was the high.
