The US jobs reported is awaited tomorrow.
Traders are likely awaiting the important US jobs report tomorrow at 8:30 AM ET with expectations of a gain of around 700 K. Nevertheless, there is some economic data and events that traders will be focusing on today.
- Initial jobless claims will be released at the bottom of the hour with expectations for the number to the back below the 400 K level after two successive weeks above that benchmark level. A total of 390K is expected. There has been recent mumblings that the the initial claims are influence by fraudulent claims, and only 36% of new initial claims being accepted (click here). States are also phasing out the claims which may have some influencing flows. Continuing claims this week are expected to come in at 3382M versus 3390M last week. Last week the continuing claims did trend to the lowest level since the start of the pandemic
- Later at 9:45 AM the Markit manufacturing PMI for June will be released with the estimate coming at 62.6 versus the preliminary 62.6.
- The more followed ISM manufacturing PMI will be released at 10 AM ET with expectations of 61.0 versus 61.2 last month. The employment component came in at 50.9 last month and is expected to rise to 53.0 today. Prices paid are expected and 87 versus 88 last month.
- Fed's Bostic is expected to speak at 2 PM ET
OPEC+ will be meeting today. The price of crude oil is up in $2.31 or 3.13% at $75.79.
Today, Canada observes Canada Day. They are on holiday.
