Markets eye US employment data

April 1, 2020

Plenty of manufacturing data is being published today from around the world, but it is employment data from payroll firm ADP that markets will be watching with great interest.

The EURUSD began Tuesday at $1.10396 and edged up to a high of $1.10530 in the opening hour of trade. It slipped from those highs but remained steady in early trading. Mid-session trading saw the pair decline, falling lows of $1.09261. It bounced off those lows and regained just about all of its previous losses in late trading. It is now trading at $1.10326. The GBPUSD endured a more volatile session after opening at $1.24090. The pound fell sharply early, tumbling to lows of $1.22408. It bounced up half a cent in quick time and remained steady for the next several hours before climbing over late trading to peak at $1.24724. It has come off those highs and is now trading at $1.24225.

The Dow looked steady for most of the session until a sell-off late in the day saw it move into negative territory. The index opened at 23,323.30 and traded in a tight range early, before nudging up to a high of 22,525.05. Apart from a temporary reprieve late in the day, the Dow fell away from those highs, bottoming-out at 21,792.65. It has opened Wednesday lower and is now trading at 21,690.00. The Dax once again followed the Dow’s lead after opening at 9,861.69. The German index got off to a shaky start before rallying to a high of 10,075.21 mid-session. Those highs were not maintained for long however as the Dax fell to lows of 9,678.00 before closing at 9,802.05. It has opened lower and is currently trading at 9,726.29.

There is a stack of data around today with most people keenly awaiting the publication of employment figures from ADP. Markets will get the first glimpse of the carnage to the jobs market the coronavirus has caused. ADP is forecasting job losses of 150,000 as the parts of the economy shutdown (down from a growth of 183,000 jobs last month).

Other data published today includes:

Australia – Commodity Prices

China – Caixin Manufacturing PMI

Canada – Manufacturing PMI

UK – Final Manufacturing PMI

US – ISM Manufacturing PMI, Construction Spending, ISM Manufacturing Prices, Wards Total Vehicle Sales, Crude Oil Inventories

Europe – European, German and French Final Manufacturing PMIs, Italian, Spanish and Swiss Manufacturing PMIs, European Unemployment Rate, German Retail Sales, Italian Monthly Unemployment Rate


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