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All Eyes on the Dollar Today

Today will see the release of the US ADP non-farm employment data forecast, ISM Services PMI data, and a speech by the Fed Vice-Chair, Richard Clarida are the events to watch.

The dollar is relatively stable across the board at the moment.

ADP’s private-sector jobs report is projected to show an increase of around 695,000 in July, like 692,000 reported in June. While the figures are not always well-correlated to the official Nonfarm Payrolls figure, it tends to send waves through the markets.

The ISM Services PMI, which is forecast to remain stable above 60 again this month.  The Employment component is of high importance, serving as a hint toward Friday’s jobs report.

Federal Reserve Vice-Chair Richard Clarida is set to speak later in the day, and he could provide hints about how close the bank is to tapering its bond-buying scheme. Last week, the Fed seemed to be in no rush to act.

Watch these events today for an opportunity to trade!

Event times are GMT+3

• 15.15 – US – ADP Non-Farm Employment Change

Potential instruments to Trade: USD Crosses.

• 17.00 – US – ISM Services PMI

Potential instruments to Trade: USD Crosses.

• 17.00 – US – FOMC Member Clarida Speaks

Potential instruments to Trade: USD Crosses.

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