The USD traded in range against the EUR on Tuesday and managed to gain a bit versus the GBP. Trading remained rather tentative as the U.S. produced a mixed bag of data for investors to study before the onslaught of jobless releases gets underway today. While the SP/CS Composite-20 HPI and the CB Consumer Confidence readings both bettered their estimates, the Chicago PMI Index came in worse. Today the ADP Non Farm Employment Change number is on the calendar and is expected to have an outcome of 20k. Also the ISM Manufacturing PMI data will be brought forth and the forecasted outcome is 53.2. While the jobless data today will be of interest the potential exist for the ISM Manufacturing PMI result to cause a flurry in the broad markets if it should turn in a surprise.
President Obama was able to find a microphone yesterday and tell the American public that the economy is his main mission, but it is probable that many people already assumed this. With September now started the U.S. will go into full election campaign mode and politicians are certain to be just as nervous as investors. A cynic might add that President Obama has shown a ‘sudden’ interest in the unemployment situation that ‘coincidently’ comes the same week the government will issue its official Non Farm Employment Change data on Friday. The jobless statistics this week are not expected to bring much joy and the downbeat prospects for the U.S. economy are causing concerns to flourish among investors. August proved to be a difficult month for Wall Street, but it also brought out throngs of safe haven trading as the USD gained in value.
Written by bforex.com
