020 7898 0500Wednesday saw some negative data from the US, weakening its position against a number of other major currencies. Non-Manufacturing Purchasing Managers’ Index (PMI) data showed overall growth, but this came in a long way short of its expected figure. On a more positive note, ADP Non-Farm Employment data emerged ahead of its forecasted figure, giving US dollar traders reasons to remain positive. This shows wider growth in the US, alongside the Services Purchasing Managers’ Index (PMI) figure that was just ahead of its forecast but there are still significant worries over manufacturing and its exporting capability given the strength of the US dollar.
On Thursday we see a Federal Open Market Committee (FOMC) member speak, as well as the release of unemployment claims figures – expected to be a slight growth on the previous figure. Tomorrow we have the release of the non-farm payroll figures, a key indicator of how the US economy is performing – this data will have a significant impact on the US dollar as it will affect the markets view on the likelihood of the number of US interest rate rises this year.
