The major currency pair remains under pressure; the USD gets support from the statistics and increased profitability of American bonds.
On Thursday morning, EYRUSD is still controlled by “bears”. The current quote for the instrument is 1.1478.
The US statistics published yesterday were quite impressive. The ADP Non-Farm Employment Change was 230K in September after being 168K the month before and against the expected reading of 185K. The fact that the indicator is increasing may later have a very positive influence on other macroeconomic readings. Of course, there is no direct correlation between the ADP and the NFP, but the tendency is quite clear. It’s a good piece of news for the USD.
Another indicator, the ISM Non-Manufacturing PMI, increased up to 61.6 points in September after being 58.5 points in the previous month and against the expected reading of 58.0 points. The Final Services PMI from Markit also improved, from 52.9 points in August to 53.5 points this month, although it wasn’t expected to change.
One more factor that supported the USD was increased profitability of US bonds. In it turn, the Euro was let down by financial complications in Italy.
Later in the afternoon, the USA will continue publishing some interesting statistics. Apart from the Unemployment Claims, one should pay attention to the Factory Orders in August.
Orgin: RoboForex
