Global macro overview for 01/07/2015 – US Labor Data
Today’s news will have a high impact on the US Dollar Index and the EUR/USD pair.
The release of the USA ADP Non-Farm Employment figures is scheduled for 14:15 today (GMT+2) and the market expects job creation to increase to 218K in June from 201K in May. These readings should coincide with continuing decrease of the US unemployment rate to the levels of 5.4% from 5.5% a month before.
The ISM Manufacturing PMI is expected to increase to the level of 53.1 from 52.8 in the previous month. This number is highly correlated with the job number that US publishes every month.
How to trade amid he news release:
If both numbers come in line or higher than the expectations are, the market should surge above the gold trendline to hit the resistance at the level of97.00 or 97.70.
The material has been provided by InstaForex Company – www.instaforex.com