ADP data in focus amid risk- off sentiment

Frank Walbaum FX Strategies.Asia

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.

Author

Frank Walbaum

FX Strategies.Asia

Frank has been working in the TV business for several years. Acquiring his skills in Germany’s biggest broadcasting station, he then chose to work and live in Asia, which was in 2007.

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