On Wednesday, EURUSD continues consolidating in anticipation of news.
The major currency pair keeps on trying to consolidate in the middle of the week. The current quote for the instrument is 1.1282.
In the afternoon, the Euro Area and some of its members, such as Span, Italy, France, and Germany, will report on the Services PMI. The readings aren’t expected to change dramatically, that’s why there won’t be any significant influence on EURUSD.
Today, The USA start publishing statistics on the labor market for the previous month. The first report is the ADP Non-Farm Employment Change. The indicator is expected to be 140K after being 27K in May. There is no direct correlation between the ADP and the NFP, but it may provide insight into sentiment in the sector.
Due to the holiday on Thursday, the weekly report on the Unemployment Claims will be also published today. Market expectations are 220K, which is rather neutral for EURUSD.
In the evening, the USA are scheduled to report on the ISM Non-Manufacturing PMI and Markit Services PMI. The latter is usually more volatile. Apart from this, there will be the Factory Orders for May, which may lose 0.4% m/m after adding 0.8% m/m the month before. This report is published after the official numbers on the Durable Goods Orders, that’s why there is nothing intriguing in it.
Those who follow the commodity market should pay attention to the Natural Gas Storage and the Crude Oil Inventories for the previous week. According to Bloomberg, average market expectations on the latter show -2.8M after being -13.0M the week before.
Orgin: RoboForex
