ADP Employment Change Report on Tap
March 3rd, 2010 Posted in Daily Forex News
Investors should focus today on an Automatic Data Processing Inc.’s (ADP’s) estimate of Non-Farm Employment Change. In the past, ADP has provided an accurate assessment of what was to come from the actual NFP release two days later. With the volatility of world economies in recent months, however, ADP has not been able to correctly estimate the Non-Farm Payroll outcome, only strengthening the real power behind Friday’s news release.
9:30 GMT: GDP – Services PMI
- The Purchasing Managers’ Index (PMI) for the British service industry has been steadily increasing lately. If these improving results can continue, the GBP may experience a much needed upward turn in today’s trading.
15:15 GMT: USD – ADP Non-Farm Employment Change
- The early report which tries to anticipate the outcome of Friday’s NFP report is today’s ADP Non-Farm Employment Change estimate. While this report has not been an accurate gauge of employment change over the past year, it still has the ability to shock the market if the results are much different than what is expected. A number more positive than the expected -15k will only help the USD’s recent bullishness.
15:30 GMT: Oil and USD – Crude Oil Inventories
- While stockpiles have lowered, supply versus demand is still high making it difficult for Oil prices to stay above 80$ a barrel. A growth in inventories could help push Crude Oil prices above that level.
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Tags: ADP, Crude Oil, dollar, Forex, forex blog, forex news, GBP, greenback, housing, Inflation, ism pmi, nfp, oil, oil inventories, PMI, USD
