ADP figures came in significantly lower than expected yesterday, it could be an indication of the NFP figures missing the forecast predicted tomorrow, how the Fed is pushing job creation it could tomorrow’s NFP data might move the market significantly if there’s the data misses expectations.
It was another mixed day on the market as we lead up to NFP on Friday, Nasdaq closed negative following strong market movement during the Asian and European session, the negative ISM Services PMI figures didn’t do the Nasdaq any favours as it edged the tech driven index lower. Dow on the other hand made a new all time high off the back of strong earnings reported from General Motors and Activision Blizzard while energy stocks soared as Brent pushed to $69.80 during the course of the day.
The European indices all recovered really well post Tuesday’s selloff as the Dax and FTSE both closed significantly higher at 15160 and 7039 respectively.
Gold and silver closed positive as Gold edged toward $1800 as inflation risk remains the major concern globally, Silver held above $26.25 to close the day just shy of $26.50.
Bitcoin and Ethereum slowed down as both are pending breakout prior to the NFP data to be released.
Focus for today will shift to Monetary Policy Statements set to be released out of the UK at 13:00 (SAST). China announced this morning it is set to suspend all activities under the China-Australia strategic economic dialogue mechanism indefinitely resulting in a short term weakening in the Australian Dollar.
12:30am - BOC Gov Macklem Speaks (CAD)
1:00pm - BOE Monetary Policy Report (GBP)
2:30pm - Unemployment Claims (USD