Markets are tentative today as investors await the start of the jobless data from the US today and the ECB’s and BoE’s policy meetings tomorrow.
The US will release its ADP non-farm employment change later in the day as well as the non-manufacturing ISM. Yet investors will be geared towards Friday’s jobs report.
The prospects of lackluster numbers determined Wall Street to turn flat despite the improvement in the factory orders yesterday. The US dollar has been beaten lately, and Friday’s results could determine its direction.
The euro is maintaining its pace against the dollar, approaching its highest in 18 months, on expectations the central bank may signal tomorrow a possible rate hike to counter inflation.
The pound fell sharply yesterday on disappointing Manufacturing PMI numbers, but today it stabilized above the 1.6500 level ahead of tomorrow’s monetary policy meeting.
The Australian dollar slipped off its highs as Gold retreated off its record highs around the $1535.00 level, and crude oil was flat today around the $111 per barrel.
Originally posted here
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