Daily Update - 4th May 2017
Yesterday’s Market Yesterday’s explained US Dollar has a strong ending to the day as it managed to top the rival currencies with the support of strong economic data. Both ADP Employment Change and ISM Non-Manufacturing PMI recorded better than expected figures. FED’s kept the interest rate unchanged while the monitory policy statement did not provide any clue on a June rate hike. Euro failed to maintain its gains with mixed results from Unemployment Rate and Producer Price Index hurting the currency. Euro zone GDP figures were unchanged while Unemployment change came out positive. UK PMI Construction figures were better than expected and supported Pound to hold its position. Macron emerged as the clear winner from French Presidential Election Debate which was held in the evening which is clear sign that Euro should benefit further as the polls clearly shows that Macron will win with 60% votes from Sunday’s election results. Today’s Market Today’s Focus Euro zone will release Markit PMI Composite which captures business conditions in the manufacturing sector. This will be followed by Markit Services PMI which is based on a large number of business executives in private sector manufacturing and services companies. From UK Consumer Credit and Mortgage Approvals will be released which will be closely monitored by investors whether it would provide more support to strengthening Pound. From USA, Trade balance, Initial Jobless Claims, Unit Labor Costs, Nonfarm Productivity & Factory Orders will be released which should cause some volatility in the market. ECB President Draghi is scheduled to make a speech later in the evening while President Donald Trump's effort to roll back Obamacare will gain momentum as a vote is scheduled in the House of Representatives in the evening on newly revised legislation.
