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EUR/USD Rises on Negative US Employment Expectations

Even though some of the US macroeconomic reports were positive today, the dollar fell against the euro. The decline was triggered by a rather weak ADP employment data.

ADP employment went down from 215k to 153k new jobs in December. Traders had expected a less abrupt drop to 175k. Weak ADP numbers set poor sentiment towards the non-farm payrolls due for release tomorrow. (Event A on the chart.)

Initial jobless claims decreased from 263k to 235k last week. The forecast had been for a 260k value. (Event B on the chart.)

Markit services PMI saw an upward revision from 53.4 to 53.9 in the final report for December compared to its flash estimate released earlier. Market participants had expected the value to remain unchanged. (Event C on the chart.)

ISM services PMI remained at 57.2 in December while the median forecast had pointed at a decline to 56.8. (Event D on the chart.)

US crude oil inventories lost 7.1 million barrels last week after gaining 0.6 million barrels a week earlier. At the same time, total motor gasoline inventories increased by 8.3 million barrels during the last week. (Event E on the chart.)

EUR/USD as of 2017-01-05

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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