USD Jumps On ISM Services And ADP Report

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The U.S. Dollar was seen maintaining the gains on Wednesday. The USD Index was seen rallying to a fresh one month high on an intraday basis. Economic data on the day showed that the Eurozone’s final services PMI was at 54.7, matching the flash estimates.

However, German final services PMI fell to 55.9 from 56.5 last month. Retail sales for the Eurozone fell 0.2% missing estimates of a 0.2% increase. Previous month’s data was also revised down to show a 0.6% decline.

In the UK, the services sector measured by Markit showed a modest decline from 54.3 in August to 53.9.

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The U.S. ISM non-manufacturing PMI was seen advancing to 61.6 on the index. This beat expectation of the index easing to 58.0 and up from August reading of 58.5.

The ADP’s private payrolls data showed another solid month of gains. Private sector hiring rose 230k for September beating estimates of 185k and advancing from 168k in August.

The economic calendar today is relatively quiet. No major events are scheduled. This could potentially see investors taking a pause ahead of the Friday’s payrolls report. The NY trading session will see the Canadian Ivey PMI report coming out. Forecasters estimate an increase in the index to 62.3 from 61.9 a month ago.

The U.S. factory orders report will be coming out later. Forecasts put the factory orders to rise 2.2% on the month after a 0.8% decline previously.
 
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