7th September 2018 Market Update
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?? GBP – There was no data of note from the UK yesterday, and there is nothing of significance today either. Sterling will be exposed to external data, and any political developments throughout the day.
?? EUR – Like Sterling, there is little of note out from the eurozone today. There are bond auctions in Spain and France, however these are not expected to have a significant impact on the market.
?? USD – The dollar remains very bullish as core economic data remains positive, with non-manufacturing PMI coming in above expectations. Today the US will very much be in focus, as it is jobs day. That means average earnings, the unemployment rate and non-farm employment change are being released. Depending on this data, the dollar could move a lot in response.
Average Hourly Earnings, Non-Farm Employment Change, Unemployment Rate.
1.30pm – Employment Change, Unemployment Rate.
Summary: Yesterday was quiet on the data front apart from in the US, and this reflected in the minimal movement between the major currency pairings. In the afternoon ADP non-farm employment figures were released below expectations. These act as a precursor for today’s non-farm employment figures and average hourly earnings. The dollar didn’t really lose much ground, with non-manufacturing PMI coming out later above expectations at 58.5.
Today the US remains in focus, with it being jobs day. Average hourly earnings, the unemployment rate and non-farm employment change are released this afternoon. If the readings are good, it could serve as an opportunity for the US dollar to continue its bull run.
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