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- European session review: USD little changed, as markets await U.S. employment data
European session review: USD little changed, as markets await U.S. employment data
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 07:50 | France | Services PMI | July | 57.8 | 57.0 | 56.8 |
| 07:55 | Germany | Services PMI | July | 57.5 | 62.2 | 61.8 |
| 08:00 | Eurozone | Services PMI | July | 58.3 | 60.4 | 59.8 |
| 08:30 | United Kingdom | Purchasing Manager Index Services | July | 62.4 | 57.8 | 59.6 |
| 09:00 | Eurozone | Retail Sales (MoM) | June | 4.1% | 1.7% | 1.5% |
| 09:00 | Eurozone | Retail Sales (YoY) | June | 8.6% | 4.5% | 5% |
USD traded mixed and mostly little changed against other major currencies in the European session on Wednesday as investors waited for the U.S. job market reports, hoping to get hints on the Federal Reserve's outlook for its monetary policy.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, edged down 0.02% to 92.06.
Automatic Data Processing Inc. (ADP) will release its employment report today at 12:15 GMT. This report serves as a precursor to the official U.S. key jobs report that is usually published on the first Friday of every month. Economists expect that ADP’s report will show that the U.S. private sector added 695,000 jobs in July. A higher-than-expected reading could add to speculation that Friday's employment may heighten pressure on the Fed to advance the timeline for tapering of its $120 billion in monthly bond purchases.
The official July employment report is expected to show that 880,000 new jobs were added in the U.S. last month, following an 850,000 payroll gain in June.
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