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Highly Anticipated Nonfarm Payrolls Tonight – Boom or Bust?
The Dollar fell flat yesterday as ADP Job numbers fell short of its target, adding only 2.369 million jobs. Final Manufacturing PMIs for June were revised up to 49.8 and ISM PMIs for June showed manufacturing head into the expansionary territory at 52.6. The June Meeting’s Minutes of the FOMC clarified that the Fed remains committed to using all available tools to support the economy, and there should be strengthening in market guidance. Tonight, Non-Farm Payroll figures for June and Initial Jobless Claims for the week past will be release from 8.30pm (SGT).
Overnight, the Euro managed to make some slight gains against the SGD on the back of improved German Labour data. Germany reported 69,000.00 newly unemployed despite forecasts of 120,000.00. Alongside this, German Retail Sales beat expectations to come in at 13.9%. The manufacturing PMIs for France, Germany and the EU also came in better than expected. This gave the EUR some support against the major currencies. Today, Europe will release its unemployment rate for May and is expected to increase.
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