Daily Update - 2nd October 2019
• EUR Consumer Price Index • USD ISM Manufacturing PMI EUR CPI data came positive comparative to last month by 0.1%. ISM Manufacturing PMI data came negative then expected that put USD in Bearish state. The euro gained against the U.S. dollar on Tuesday, as dollar pared gains following the U.S. manufacturing data. The greenback was the strongest until mid-US session, when the country released the September ISM Manufacturing PMI, which unexpectedly fell further into contraction territory. The American dollar came under selling pressure, shedding ground unevenly across the board amid fears that the latest Fed’s rate cut is not enough to support the economy, and more action should be taken. • USD ADP Employment Change For the EUR, it’s a relatively busy day ahead on the economic calendar. Spanish unemployment figures are due out through the early part of the session. Barring particularly impressive numbers, there’s unlikely to be too much movement in the EUR in response to the numbers. Outside of the numbers, expect Brexit chatter will also influence. For the Pound, it’s another relatively quiet day ahead on the data front. September’s construction PMI is due out later this morning. Following Tuesday’s manufacturing PMI, the Pound could find much-needed support should the pace of contraction ease. It will ultimately boil down to UK politics and Brexit, however. While economic indicators flash red, any positive chatter from the EU or the Tory Party Conference would support the Pound. News of the British PM striking a deal with the DUP is positive as Johnson prepares to deliver his proposals to the EU. Support from the DUP is a must for any deal to get the backing of MPs. For the USD, it’s a relatively quiet day ahead on the economic calendar. Key stats are limited September ADP nonfarm employment change figures.On the political front, any updates on trade would have the greatest influence on the day.Yesterday’s Focus
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