US dollar strength was seen against sterling, with the latter being the main driver due to referendum polls.
Data released in the day failed to boost the US dollar’s fortunes, with the ISM Manufacturing Purchasing Managers’ Index (PMI) showing positive growth, at its highest level in two months. However, this was offset by construction spending data, which showed contraction against expectations for the first time in two months.
Today we looked forward to both the ADP Non-Farm Employment Change and Weekly Unemployment Change data releases. Both are expected to post stable figures. These are frequently used by investors as indicators for the corresponding main releases on Friday, so any surprises could have a huge impact on US dollar strength.
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