Forex Signals Brief for Sep 2: ADP Jobs Ahead
Rowan Crosby • 2 min read
US Market Wrap
US markets put in another leg higher yesterday, bolstered by some better data and a continued appetite for risk.
The main focus in the US yesterday was on ISM manufacturing PMI and it outperformed, beating expectations to the upside.
Fed Gov. Brainard also spoke later in the day and made it very clear the Fed is doing everything they can to keep monetary policy accommodative to lift both jobs and the economy.
The USD managed to stem some of the bleeding, while stocks carried on pushing higher as we are getting more and more accustomed to.
The Data Agenda
Today, much of the attention is going to fall on the latest private ADP jobs report ahead of what is another big non-farm payroll release on Friday.
Today’s ADP report is expected to show 950K new jobs created last month. While this is a solid figure the two reports have been a little different in recent times, so we must take the ADP with a grain of salt, simply because there is more weight in the official figure. Similarly, we also have jobless claims out on Thursday, which is usually the most up to date picture of how the employment situation is sitting.
In Europe, it looks like a quiet data session for EUR/USD traders, with the only key data point likely to come in the form of German retail sales data.
Late in the day we also get WTI crude oil inventories which has been an interesting one for oil traders in recent months.
Forex Signal Update
The FX Leaders Team hit 2 winners from 2 trades yesterday, both in the EUR/GBP.
Make sure you follow our live signals as the rest of the week will be packed with top-tier data.
USD – Watching
The US Dollar Index has bounced back after dropping under the 92.00 level. For the time being, the bears are very much in control even though that level held up.
Gold – Pending Signal
GOLD has fallen away from the $2000 level, which is not unrelated to the rise in the USD. We are watching for short signals at the moment.
ETH has managed to blast away from the $440 level and currently sits around the $467 mark. As I’ve been saying, this is the leading crypto for the time being and it is dragging the likes of BTC higher as well. Price got as high as $489, before retracing.