The U.S. will focus on the ADP employment change later today, while euro and greenback are creating a bullish movement. In the euro area, the ECB’s non-monetary policy meeting will take place. WTI lost ground as it plunged more than 4%.
U.S. Dollar Awaits ADP Employment Change
The U.S. dollar moved sharply higher yesterday and early this morning versus the G10 basket, especially against the commodity currencies which jumped near 1%. The U.S. traders will eye today the ADP employment change for July as well as the two speeches from FOMC members Loretta J. Mester and John C. Williams. The U.S. economy is estimated to have employed 185K people in July versus 158K in June.
Yesterday, the personal income and spending, as well as personal consumption expenditures for June, released. The personal income failed to confirm the forecast and declined to 0.0% mom in June from 0.3% mom in May. Moreover, the personal spending and personal consumption expenditures remained the same with their prediction at 0.1% and 0.0% respectively for June. Markit manufacturing PMI also came out and increased to 53.3 for July from 53.2 the month before, while ISM manufacturing PMI edged lower to 56.3 in July from 57.8 before.
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