The US$ is little changed on Thursday while traders wait for tomorrow’s US employment figures despite some strong data today that hinted that a December interest rate hike is still on the cards. The US ISM index of non-manufacturing activity rose at its fastest pace in 12 years (59.8 v exp of 55.5) while the ADP jobs figures came in pretty much in line with expectations, with the previous months figure being revised higher. In other markets, the US stock indices edged to yet new all time highs, underpinned by the fact that US Secretary of State Rex Tillerson denied that he had nearly quit the Trump administration following the Presidents quotes earlier in the week. Gold and Silver are pretty much unchanged, while Oil remains heavy, now back under 50.00 pb.
Thursday will begin with the Australian Retail Sales (exp +0.3%mm) and the Trade Balance (exp $875 mio) and a speech from the RBA’s Debelle. Europe will then look to the ECB Minutes of the last Monetary Policy meeting along with a speeches from the ECB’s Coeure and Praet, with the Chf CPI also due (exp 0.2%mm, 0.6%yy). The US 3 Oct will be dominated by Fed speakers (Powell, Harker, Haldane, George), with the weekly Jobless Claims and the August Factory Orders being the main data releases. All up, it could be a fairly steady 3 Oct as traders stand aside while waiting on the NFP, due tomorrow.
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