The Super Thursday

Daily Update - 3rd August 2017

Yesterday’s Market

•             EUR Non-monetary policy's ECB meeting & Producer Price Index

•             USD ADP Employment Change

Yesterday Explained

EUR/USD pair was volatile on Wednesday but has ended up back in the middle of the day’s range leaving the outlook largely unchanged. Having traded above EUR/USD 1.180 for much of the day, the Euro briefly eventually spiked up to 1.1909 after the release of the soft US jobs data but has since slipped back to close the day at 1.1850.

From Euro zone, Producer price index came out positive giving a boost to the Euro currency. The US dollar was sold-off into rising geo-political tensions surrounding the new US sanctions on Russia and a few FED speakers left the USD bulls largely unimpressed, which boosted the euro currency as a whole

From US, Soft figures for ADP Employment change meant that Dollar would not gain any momentum.

Today's Focus

•             EUR Markit PMI Composite & Markit Services PMI

•             GBP BOE Interest Rate Decision, BOE Minutes & BOE's Governor Carney Speech 

•             USD Initial Jobless Claims, ISM Non-Manufacturing PMI & Factory Orders

Today's Market

The day will start with Markit PMI Composite & Markit Services PMI from euro zone which measures the Manufacturing and Services & the Economic situation in the euro zone. Then markets will be looking forward to UK and most importantly their Interest rate decision which will be followed by  BOE Governor Carney’s Speech.

The day will end with important data from US, Initial Jobless Claims, ISM Non-Manufacturing PMI & Factory Orders which will have a big impact on the dollar. However markets will be largely on watch and wait mode as everyone will be looking forward to Fridays Nonfarm Payroll reports.