Daily Market Brief – 4 March 2016

Market waits for US employment data

Quote of the day: “Everyone has ideas, not everyone acts on them!”

March 4th: Highlights

  • US Non-Farm Employment Change
  • US Unemployment Rate
  • US Trade Balance

Market Comment

Yesterday morning, the main focus of the market was whether UK data would continue to disappoint when the PMI Services was released. The drop to 52.7 (Vs. 55.5 forecast) hit new lows in Service sector growth levels, for a sector that contributes around 80% of UK GDP. However, against normal market logic, Sterling didn’t react too badly to this news, suggesting the Brexit-related positioning is the dominant market force for the Pound.

Adding to the Brexit story, German Fin Min Schaeuble said that Germany & the UK would still trade if the UK left the EU. He also said he felt that the EU deal was good, both for the UK and the EU.

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Eurozone PMI Services hit 53.3 (Vs. 53.0 forecast) which gave the market a good enough excuse to buy Euro and push it a little higher.

The market has been fairly quiet overnight and the morning session is expected to be relatively uneventful ahead of the Non-Farm Payrolls and the unemployment rate in the US this afternoon. Strong data here will have the market returning to discussions of when the Fed will raise rates next.

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Paul Plewman

Paul Plewman
Director of Sales & Operations
t: +44 (0) 20 7096 1036
e: paul@currencytransfer.com

Paul Plewman, Director of Sales & Operations, has over 10-yrs experience in International Payments before joining the CurrencyTransfer.com team. Follow Paul on Twitter @fxplew

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