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4 May 2016
Time for Non-manufacturing PMIs of Euro-area and the US - RBS
Brian Daingerfield, FX Trading Strategist at RBS, suggests that after a multitude of manufacturing PMIs released over the past few days, non-manufacturing PMIs are due in the Euro-area (April revisions) and the US today (the UK services index will be released on Thursday).
Key Quotes
“The US non-manufacturing ISM is due along with the April ADP estimate of private employment change. In both cases, we look for essentially unchanged readings vs. the prior month – our economists forecast a steady ISM non-manufacturing index at 54.5 and their +200K forecast for NFP private payrolls in April exactly matches the March ADP increase. Admittedly the “event” we will be watching the most closely tomorrow in the US will be how the USD trades after yesterday’s strong reversals against many of its major peers in both G10 and EM.
As mentioned above, revisions to Euro-area services PMIs for April are also due today alongside March retail sales in the Euro-area.”
Key Quotes
“The US non-manufacturing ISM is due along with the April ADP estimate of private employment change. In both cases, we look for essentially unchanged readings vs. the prior month – our economists forecast a steady ISM non-manufacturing index at 54.5 and their +200K forecast for NFP private payrolls in April exactly matches the March ADP increase. Admittedly the “event” we will be watching the most closely tomorrow in the US will be how the USD trades after yesterday’s strong reversals against many of its major peers in both G10 and EM.
As mentioned above, revisions to Euro-area services PMIs for April are also due today alongside March retail sales in the Euro-area.”