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Summary
John scalps the ES for a couple of quick trades using advanced "Point and Figure Charts" and goes deeper into explaining the strategy.
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EUR/USD looks to stabilize near 1.1600 as focus shifts to US data
EUR/USD is looking to stabilize near 1.1600 in the European session on Wednesday as traders breathe a sigh of relief before the top-tier US ADP jobs and ISM Services PMI data. A pause in the US Dollar uptrend helps the pair's recovery, but surging energy prices due to the Iran war will likely remain a drag.
GBP/USD stays weak near 1.3350 as USD preserves gains
GBP/USD stays in the red below 1.3350 in the European session on Wednesday. Escalating conflict in the Middle East keeps the "flight to safety" theme intact, supporting the US Dollar against the Pound Sterling. Traders will take more cues from the US ADP Employment and ISM Services Purchasing Managers Index reports, which are due later on Wednesday.
Gold retains positive bias amid sustained safe-haven flows and modest USD pullback
Gold maintains its offered tone through the first half of the European session, though it lacks follow-through and remains below the $5,200 mark. Investors remain concerned about a prolonged conflict in the Middle East and its impact on the global economy amid an already uncertain environment.
ADP Employment Report set to signal stronger February jobs growth, little effect on Fed outlook
The Automatic Data Processing (ADP) Research Institute will release its monthly report on private-sector job creation for February on Wednesday. The so-called ADP Employment Change report is expected to show that the United States private sector added 50K new positions in the month, following the 22K gained in January.
Asian stocks fall as South Korea’s KOSPI slumps over 10%
Asian equities drop on Middle East tensions; the MSCI Asia Pacific Index falls up to 4%. South Korea’s KOSPI fell 10.71% near 5,170, with the Korean Won weakened past 1,500 per dollar.
Here is what you need to know on Wednesday, March 4:
The US Dollar enters a consolidation phase early Wednesday after outperforming its rivals for two consecutive days. The US economic calendar will feature ADP Employment Change data for February and the Institue for Supply Management will publish the February Services Purchasing Managers' Index data.