ADP employment change and the Bank of Canada rate decision will be the main focus of the day. The USD/CAD pair is retracing after a sharp sell-off, while the GBP/USD pair is trading lower as U.K. Prime Minister Theresa May will need to confirm the final proposal by this Friday.
The U.S. dollar traded mixed versus the G10 basket from Tuesday’s to early Wednesday’s session. The greenback firmed and there is clearly no clear tendency as USD/JPY is still consolidating within a narrow range in the weekly timeframe and the USD/CAD pair is developing near its opening level on a medium-term chart. Meanwhile, it is a matter of time before the final bill reaches U.S. President Donald Trump for approval. During yesterday’s period, the Markit services PMI came out and fell marginally to 54.5 in November from 54.7 before. Additionally, the ISM non-manufacturing PMI dropped to 64.7 in from 60.1 the prior month. ADP job data could sparkle some volatile move in the U.S. dollar and is expected to show that the pace of hiring in the private sector picked lower at 2147K for the previous month versus 235K in October.
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