After a busy day that included unexpected events, today is more calm. ADP Non-Farm Payrolls stand out. Will the dollar continue the decline? Let’s see what’s up for today:
In Britain, MPC member Spencer Dale will make a public appearance, and might hint something about next week’s rate decision. Later, Construction PMI is expected to remain bad, staying under 50. Expectations are for a small rise from 46.2 to 46.9 points.
For more on the Pound, read the British Pound forecast.
Yesterday, European consumer prices rose more than expected and the Euro went up. Today, producer prices are expected – PPI is expected to rise by 0.1%.
For more on the Euro, read the EUR/USD forecast.
In the US, two employment indicators are released, two days before the Non-Farm Payrolls release. Challenger Job Cuts begin, and then ADP Non-Farm Employment Change, or the “mini-NFP” is released. After a drop of 203K last month, the number is expected to be better this time – a loss of “only” 149K. This figure doesn’t always predict the NFP, but it still shakes the markets.
Later in the US, FOMC member Jeffrey Lacker will talk in Charlotte, and will face questions from the audience. The Beige Book will give a broad overview of the economy near the end of the New York session.
Just before midnight GMT, Japanese Capital Spending is released, and it’s expected to show an annualized fall of 15.8%, better than last time. The Japanese Yen is still strong, despite the new program that was announced at the emergency BOJ meeting yesterday.
That’s it for today. Happy forex trading!
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