Morning market update 05 08 2021
By Scott Andrews
Morning market update 05 08 2021:
The DXY closed above 92.20 by the end of session today with ADP Nonfarm Employment Change (July) coming in well under expectations at 330k, although the US dollar sell off was quickly reversed with hawkish comments from FOMC Member Clarida who spoke last night at 22:00 GMT+8 adding to the buying strength was an all time high ISM Non-Manufacturing PMI (July) coming in at 64.1. Today the GBP is in focus with the BoE Inflation Report out at 19:00 and the BoE MPC Meeting Minutes also out at 19:00. At 20:30 the Initial Jobless Claims come out with 384k Expected and finally Fed Waller speaks at 22:00. As the Us dollar trades above 92.00 and in the lead up to Friday’s NFP release expect some volatility with it hard to fight the bullish momentum here is NFP comes close to 850k or above.
USD index 05 08 2021
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