forex trading.

Find attached a detailed preview of the US Unemployment release due out tomorrow at 8:30 AM EDT.  To access the report in PDF format click here:

June Unemployment.pdf .

As always, the event risk for the market increases greatly during this release.  The volatility and risk will be magnified by the ECB rate announcement and subsequent press conference by ECB President Jean Claude Trichet at the same time of the release. 

As a result, analyze open positions and make the necessary changes to reflect the increased risk and volatility for the events that will take place at 8:30 tomorrow morning.

Overnight, the UK CPI came out much higher than expected at +3.0% year on year.  This will keep the UK on hold with regard to rates in June just when the growth side of the economy could use the stimulus – especially in the housing sector.  The Retail Price Index also had strong increases, with the YoY measure rising to 4.2%.  The high inflation coupled with expected weak economy sent GBP pairs lower this morning.