The EUR/USD Trades Mainly Sideways

Today, EUR/USD was roaming without a clear perspective. Most of economic data announced from the United States during the trading period were good. But among the poor ones was the very essential job report that dominated improved macroeconomic indicators, prohibiting the dollar from moving higher. At the moment, traders are worried that nonfarm payrolls announced later this week may also come out uncertain than anticipated.

ADP employment rose by 156k in April on a regularly modified basis. The index was nowhere near the forecast 205k and the prior month’s 194k. (Event A on the chart.)

Nonfarm productivity decreased 1.0% in Q1 2016, a bit less than forecasters had anticipated (1.3%). The prior quarter’s decrease was altered from 3.0% to 2.2%. (Event B on the chart.)

Trade balance deficit decreased to $40.4 billion in March, downward from $47.0 billion in February. The average prediction was indicating at $45.6 billion as a possible figure. (Event B on the chart.)

The Final Markit services PMI increased to 52.8 in April rise from 51.3 in March. Market attendants had anticipated the similar 52.1 reading as in the initial estimate. (Event C on the chart.)

ISM services PMI increased from 54.5% to 55.7% previous month, also beating market anticipations. (54.9%). (Event D on the chart.)

Factory orders increased 1.1% in March in comparison to the median prediction of 0.7% growth. The prior month’s reading was altered from -1.7% down to -1.9%. (Event D on the chart.)

US crude oil inventories grew by 2.8 million barrels last, far exceeding the prediction rise of 0.6%. The stockpiles increased by 2.0 million the previous week. (Event E on the chart.)

The EUR USD Trades Mainly Sideways

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Mike N

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