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2 Apr 2014
Markets in wait-and-see mode ahead of ADP, ECB and NFP
FXStreet (London) - Markets remain in wait and see mode after a quiet morning European session. Eyes are on this afternoon’s US ADP numbers as well as tomorrow’s European Central Bank decision and Friday’s non-farm payroll numbers.
An ADP miss could trim NFP optimism
Optimism ahead of Friday’s non-farm payrolls could be put to the test by the ADP employment numbers due at 13:15 GMT. Consensus expectations are for the ADP report to show a 195k rise, following February’s 139k gain. The ADP number tends to be an unreliable predictor of NFP performance, but a miss on expectations may check optimism – consensus expectations are for a robust 200k print on Friday with the labour market recovering after the effects of disruptive US weather conditions earlier in the year.
US factory orders due at 15:00 GMT are expected to show strong gains. Consensus expectations are for a 0.9 percent gain, but manufacturing PMI and ISM reports suggest that we could see some upside as US demand gets back on track.
EUR/USD has shed all of its earlier gains, currently trading at USD1.3791 – within 0.01 percent of its opening price.
GBP/USD has been the strongest performer of the majors, up 0.08 percent after an upbeat construction PMI. However the gains to USD1.6642 are at the mercy of the ADP numbers.
An ADP miss could trim NFP optimism
Optimism ahead of Friday’s non-farm payrolls could be put to the test by the ADP employment numbers due at 13:15 GMT. Consensus expectations are for the ADP report to show a 195k rise, following February’s 139k gain. The ADP number tends to be an unreliable predictor of NFP performance, but a miss on expectations may check optimism – consensus expectations are for a robust 200k print on Friday with the labour market recovering after the effects of disruptive US weather conditions earlier in the year.
US factory orders due at 15:00 GMT are expected to show strong gains. Consensus expectations are for a 0.9 percent gain, but manufacturing PMI and ISM reports suggest that we could see some upside as US demand gets back on track.
EUR/USD has shed all of its earlier gains, currently trading at USD1.3791 – within 0.01 percent of its opening price.
GBP/USD has been the strongest performer of the majors, up 0.08 percent after an upbeat construction PMI. However the gains to USD1.6642 are at the mercy of the ADP numbers.