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Market Review 03.01.2013

January 3rd, 2013 Posted in Daily Forex News Bookmark and Share

The euro, weighed down by weak EU manufacturing data from yesterday, lost more than 60 pips against the US dollar in overnight trading, eventually reaching as low as 1.3126, before bouncing back to its current level of 1.3150.

Gold prices saw a minor downward correction during the Asian session, but remained within reach of yesterday’s two-week high. The precious metal is currently trading at $1683.49 an ounce.

After hitting a three-month high yesterday at $93.83, crude oil saw slight bearish movement during overnight trading, and is currently trading at $92.72 a barrel.

Main News for Today

US ADP Non-Farm Employment Change- 13:15 GMT
• The ADP figure is considered an accurate predictor of tomorrow’s all-important Non-Farm Payrolls data
• Analysts are forecasting today’s news to come in moderately higher than last month’s, which if true, could lead to risk taking in the marketplace and boost riskier assets

US Unemployment Claims- 15:30 GMT
• Predictions are calling for today’s figure to come in at 356K, slightly higher than last week’s
• If today’s news comes in higher than expected, risk aversion could boost safe-haven currencies like the USD and JPY

Read more forex news on our forex blog

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