US economic data in focus as the week begins to wind down
The US will be back at their desks today after commemorating the 41st President of the United States, George H.W. Bush, at his funeral yesterday. The greenback continued to strengthen on a trade-weighted basis as many traders and dealers focus on the near term outlook which sees a relatively strong economy with another interest rate hike due from its central back later this year.
Today’s trading session will very much be focused around the US as we see a number of key data releases but also because stock markets have continued to plunge in the wake of the Trump/Xi weekend meeting. Participants have begun to lose faith there really will be an ultimate solution as well as fears over the ‘gas left in the tank’ when it comes to the US economy and its recent expansion. This next few weeks could be very interesting from a US perspective as well as UK.
The main highlights for today’s trade include US ADP non-farm employment. As mentioned in previous reports this is a warm up to tomorrow’s all-important non-farm payrolls report. Today’s number indicates the change in employment from just the private sector. Additionally, we’ll see US unemployment claims, trade balance, services PMI, manufacturing data and 3 speeches from Federal Reserve members including 1 from chairman Powell.
Written by Vivek Savani. 9:24am, December 6th 2018
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