US Dollar steady as data is broadly supportive
The US dollar had a quiet but inconsistent day with mixed economic releases from the country. First out was the non-farm unemployment change from the private payment processor ADP, a precursor to tomorrow’s official version. This came out behind expectations, and as a result saw the dollar fall. However, the non-manufacturing purchasing managers’ index (PMI) figure from the Institute for Supply Management counteracted these movements to a degree, coming in slightly ahead of predictions. The US dollar did, however, end down against the Japanese yen.
Today, there are a number of figures due for release, with the most significant being the trade balance and the unemployment claims. The labour market is continually important to investors, and as such this could be the most important data release, with tomorrow’s non-farm figure also in investors’ mind.
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