UK services PMI to draw investors attention in the morning
A pack of US labour market data scheduled for release ahead of tomorrow’s NFP
Market consensus calls for another decrease of oil inventories
Today a pack of economic data concerning US labour market is scheduled for release ahead of tomorrow’s Nonfarm Payrolls that are considered as one of the most important figures for US economy. Apart from that in the morning hours we will get to know what the condition of the UK services industry is. Oil traders may want to stay focused in the evening as weekly government report on oil inventories will take the spotlight.
9:30 BST - UK Services PMI for December. After yesterday’s UK Construction PMI print slightly disappointed investors the time has come for figures concerning services industry. We haven’t seen a release below 50 pts since September 2016 therefore one can assume that UK services industry is doing pretty well. The probability that this tendency would end is highly unlikely as market consensus forecasts a print of 54 pts. The last month’s release came out at 53.8 against expected 55 pts.
13:15 BST - US ADP Nonfarm Employment Change. Ahead of tomorrow’s Nonfarm Payrolls the Nonfarm Employment Change figure will be released today. As a US labour market is in good condition as of late surveyed economists forecast a change of 190k. Last month’s data surprised a little to the upside with the actual print of 190k beating expected 185k. ADP release is somewhat used as a predictor ahead of government’s Labour Market Report.
13:30 BST - US Initial Jobless Claims. Another reading from US labour market. Weekly data concerning number of people who filed for unemployment insurance during past week. The last two readings both came in at 245k missing forecasts. Market consensus calls for a print of 241k.
16:00 BST - US Crude Oil Inventories. Weekly government report on US oil inventories. Only few readings have shown an increase of inventories throughout 2017 and this time economists forecast a print that is in line with this tendency. Market consensus calls for a reading of -5.148M, whilst last week’s print came in at -4.609M beating forecasts of -3.970M. Oil traders may also want to look at distillates and gasoline stocks as they tend to rise as of late implying smaller demand for crude oil from oil refineries.
GBPUSD retreated from the 1.359 handle creating double top formation. A negative data for GBP may push prices lower therefore resulting in fullfillment of this pattern. Source: xStation5
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