ADP Employment & ISM Manufacturing Due
While fears around the newly discovered Omicron COVID-variant have taken centre stage, it is important to keep track of the data flow we have at the moment. There is a slew of key US data to keep an eye on with the ADP employment number up first and ISM manufacturing following. We also have Fed’s Powell continuing his testimony at the Senate Banking Committee. While the impact of today’s US data will no doubt be diluted given the current backdrop, there is stull potential for volatility on key data surprises.
Firstly, for the ADP number the market is looking for 552k from 571k prior. A print in this region or below will no doubt be a little disappointing ahead of the NFP in Friday and could further weigh on the Dollar. For the ISM manufacturing reading, however, the market is looking for a rise to 61.3 from 60.8 prior. Given the current landscape, it would likely take a solid beat on both numbers to see USD higher.
Where to Trade Today’s US Data?
USDJPY
The fall back in USDJPY has seen the market reversing hard from the 115.45 level, trading down to test the 112.72 level. The level is holding as support for now. However, any USD weakness from today’s data will likely see a break of the level, targeting a move down to the 111.70 level next.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.