US Economic Data in the Spotlight Today
Today’s focus is on a mix of key US economic data, set to influence market movements.
What to Watch This Afternoon
Investors will be keenly watching US unemployment claims, the ISM Non-Manufacturing survey, and PMI statistics.
US PMI Forecasted to Dip
The PMI for August is expected to fall slightly to 51.1. The ISM Non-Manufacturing survey may indicate whether the Fed needs a 25 or 50 basis point rate cut.
Dollar Tested by Job Openings Data
Yesterday, the dollar faced pressure after JOLTS job openings came in lower than expected at 7.67 million, versus a forecast of 8.1 million. This signals a weakening labour market.
GBP/USD Rallies on Slowing US Economy
GBP/USD initially surged to a weekly high following data suggesting a slowing US economy.
Tomorrow’s Key Non-Farm Payrolls Report
Non-Farm Payrolls, due tomorrow, are expected to show 160k new jobs added. A weaker-than-expected figure could increase the likelihood of a 50-basis point rate cut on September 18th.
US Unemployment Rate Expected to Fall
The US unemployment rate is forecasted to drop to 4.2 percent in August. However, a decline in job numbers earlier this week might impact this figure.
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