Economic Events: (GMT)
13:15 USD ADP Nonfarm Employment Change 190K 325K
The ADP National Employment Report is a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients. The release, two days ahead of government data, is a good predictor of the government’s non-farm payroll report. The change in this indicator can be very volatile.
A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
15:00 USD ISM Manufacturing Index 54.5 53.9
The Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI) rates the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.
The data is compiled from a survey of approximately 400 purchasing managers in the manufacturing industry.
On the index, a level above 50.0 indicates industry expansion, below indicates contraction.
A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
USD/CAD Fundamental Analysis Feb. 1, 2012, Forecast
Analysis and Recommendations:
The USD/CAD is currently trading 1.0030. The USD was down in early trading due to weak reports. Consumer Confidence was lackluster and a new Housing data showed that prices dropped 1.3%. By mid day, the USD moved upward on risk aversion due to the european situation, with little word from Greece and mounting problems in Portugal the markets pushed the USD.
The ADP Employment report will tell the story today. Jobs need to start showing an increase in the US for growth to continue. Markets will eagerly await this report.
Scheduled Sovereign Bond Sales
Feb 01 10:10 Sweden Auctions T-bills
Feb 01 10:30 Germany Eur 5.0bn 2.0% Jan 2022 Bund
Feb 01 10:30 Portugal Eur 0.75-1.0bn 3M T-bill
Feb 01 10.30 UK Auctions 5.0% 2025 conventional Gilt
Feb 01 15:30 Sweden Details nominal bond auction on Feb 08
Feb 01 16:00 US
Announces details of 3Y Notes on Feb 07, 10Y Notes on Feb
08 & 30Y Bonds on Feb 09
Feb 02 09:50 France OAT Auction
Feb 02 10.30 UK Auctions 0.125% 2029
Originally posted here
