020 7898 0500The US dollar also struggled in its own right throughout the week despite making ground against a weakening sterling, as data from the country failed to enthuse investors. The manufacturing purchasing managers’ index (PMI) from the Institute for Supply Management (ISM) kicked things off with a figure that was worse than expected, causing the biggest fall in three weeks from the dollar, while factory orders were also a little disappointing. The non-farm employment change figure from private payment processor ADP also failed to meet its predicted level, causing further losses, although the ISM’s non-manufacturing PMI counteracted this a little by beating its target. Yesterday continued with the difficult data, as the trade balance showed a wider-than-expected trade deficit, losses only being softened a little by reasonable unemployment claims.
Today though is a key data release day for the week and for the month as we have the release of the ever influential non-farm employment change figure which is due alongside the unemployment rate. The labour market is always near the top of investors list, so these figures will be of particular interest and could lead to rapid movement in exchange rates either way if they beat or fall short of expectations.
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