ADP data in focus amid risk- off sentiment
|Important news for the day
Wed, 05th, 14:15 CET US ADP employment change
Wed, 05th, 16:00 CET US ISm services pmi
US employment data
Today’s ADP data is expected to come in stronger than expected. With the absence of the regular NFP data from the US, markets might continue to favour a stronger Dollar. Positive momentum from the news might help to extend the current trend. Meanwhile a sharp rebound from earlier losses in the SIlver market caused the trend to extend its momentum towards the USD 48.00 technical resistance zone. That level might hence be interesting when the news will be released later today, as also the 50- moving average will kick- in there.
Market talk
Traders will focus on the ADP employment change data today. A positive reading might help the Dollar to rise further. The recent break of important levels might cause the EUR and GBP to weaken further. The AUDUSD currency pair might now trade on a sideways path as the market has reached an important support level. Similarly also stock markets keep rising slightly supported by technical support levels. The S&P 500 as well as Nasdaq show some signs of positive momentum. The stronger Dollar also helped the USDCAD pair to break higher. The strong trend might continue to the upside for now. Also the EURCAD keeps rising now off the important technical support zone.
Tendencies in the markets
- Equities sideways, USD stronger, crypto weaker, oil sideways, Silver sideways, Gold sideways.
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