ADP to guide markets, Dollar reactive
|Important news for the day
- Wed, 04th, 14:15 CET US ADP employment change.
- Wed, 04th, 16:00 CET US ISM services pmi.
USD momentum
Currently it seems that markets wait for a new impulse and hence start a potentially new direction. While the USD index remains bullish in the short- term, the downside momentum is not affected. Today’s news event might hence be important and causing a breakout. If the ADP news release will offer a stronger reading, more upside momentum in the Greenback might also be seen, pushing the USD index to the upside and causing the EUR to lose steam.
Market talk
Stock markets remain in a waiting pattern, while major indices remain in a sideways trading zone. Defensive stocks continue to outperform markets, while the AI story remains a burden especially for the NASDAQ index. With the earnings season being in full swing now, traders should focus on the array of data, which will be on the economic calendar this week. In the meantime, precious metals continue their path to the upside but might face a tough time after the recent rally towards record- prices. Ahead of the BoE interest rate decision tomorrow, the GBP is already gearing up fresh momentum.
Tendencies in the markets
- Equities sideways, USD mixed, crypto sideways, oil positive, Silver sideways, Gold positive.
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