020 7898 0500Tuesday was another quiet day for the dollar, as Factory Orders showed a slightly worse than expected figure in the morning. The American currency was able to gain some strength in the afternoon, thanks to further euro weakness.
We can expect a better day for data releases today, with the Automatic Data Processing (ADP) Non-farm employment change expected to be released at a stable figure – this is mainly seen as an indicator for the main non-farm payroll release on Friday. Trade balance figures are expected to show the highest figure for three months, with Final Services and Institute for Supply Management (ISM) Non-manufacturing Purchase Managers’ Indices also released and expected to show growth. US Federal Reserve Chair Yellen will also be testifying in front of the House of Financial Services Committee regarding bank regulation, but it is expected that interest rates will not be discussed.
