It was a mixed day for the US dollar on Wednesday with movements being data dependent. Earlier in the afternoon we saw the ADP non-farm employment change data, which is used as an indication towards the main release on Friday. This came slightly lower than expected, leading to expectations that the main release later this week could follow suit.
Positivity returned back later in the afternoon, with final services and ISM non-manufacturing Purchasing Managers’ Index (PMI) coming out stronger than expected, with the latter posting an 11-month high.
Today we can look forward to the weekly unemployment claims figure, which is expected to post another stable figure. Alongside the ADP non-farm employment change figure, this is widely used as an expectation towards the main release on Friday.