ADP Non-Farm figure eyed
Another busy day for markets with plenty of information being released from around the world.
The EUR/USD took a leg up and re-entered $1.24 territory overnight as market jitters appeared to subside. It remained reasonably flat throughout early trading, reaching lows of $1.23264. Just a few hours later, it took a leg up and breezed through $1.24 as the USD weakened. The pair topped $1.24202 before retracing slightly to be currently trading at $1.24060. The GBP/USD followed a similar path, dropping to session lows of $1.38123 before surging and breaking well into $1.39 range. It peaked at $1.39293, then gave up some of those gains and it is now trading at $1.38892.
The Dow had a mixed session yesterday as it remained flat in early trading. It then peaked 25,053.60 before tumbling 350 points to hit session lows of 24,703.10. It has since taken another leg down from the open today, dropping as low as 24,512.10. It is currently trading at 24,568.60. The Dax began the session strongly, reaching as high as 12,274.20. It then began to weaken until it hit lows of 12,106.95. It has rebounded slightly, now trading at 12,157.60.
Looking at the day ahead and the main focus for markets is the ADP Non-Farm figure from the US. This figure gives a snapshot into the jobs market in the US. While it is not the official government data, ADP is one of the world’s largest private payroll processors and as such, they can provide substantial employment-related data. Other data set for release today includes:
Australia – GDP
Japan – Leading Indicators
UK – Halifax HPI
NZ – Manufacturing Sales
Europe – Swiss Foreign Currency Reserves, European Revised GDP, French Trade Balance
Canada – Trade Balance, Labour Productivity, Overnight Rate, BoC Rate Statement
US – Revised Non-Farm Productivity, Revised Unit Labour Costs, Trade Balance, Crude Oil Inventories, Beige Book, Consumer Credit, FOMC Members William Dudley and Raphael Bostic speak
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