Another month, another US un-employment report is due on Friday and June has been a weak month and there is no reason for this year to be any different. I think most traders are looking forward to Friday’s employment report which comes in a holiday shortened week and therefore we may not see the full reaction until Monday as most US traders will take the day off in order to celebrate a long July 4th weekend.
I would not be terribly surprised to see downward revisions to the prior two months and a number below 100K for June and the USD getting hammered. I think we will not get the full start of trading for the third-quarter until the following Monday.