U.S. weekly jobless claims preview: U.S. weekly jobless claims preview: jobless claims for the June-6 week are expected to decline 5k to 341k (median 345k). Analysts saw an 11k claims drop to 346k in the Memorial Day week of June, following a 13k bounce to 357k (was 354k) in the final week of May, as claims have resumed their sideways trend above late-April's 327k five-year low. Analysts expect a 165k June nonfarm payroll gain following the 175k May rise.
FX Action: USD-CAD was weighed by Asian sovereign sales FX Action: USD-CAD was weighed by Asian sovereign sales. The pair crashed from 1.0225 in early Europe to the 1.0185 region after short term sell stops were triggered through 1.0190. USD-CAD received a small bid in the Asia afternoon from 1.0195 up to 1.0225 amid news that Sobey's will acquire Safeway's assets in Canada for $5.7 B. Canadian conglomerate Empire is the owner of U.S. Safeway and the deal will extend its reach in the western provinces. The deal will be subject to review by the Canadian Competition Burea later this year, but substantial dollar inflows could go back to the U.S. The USD-CAD downside should slow from here amid a plethora of bids in the 1.0170s and towards 1.0150, which held on Wednesday.