Today, two events will shake the US dollar. First, at 16:45 GMT+2, Markit, a statistical company, will release the US Flash Services PMI. Moreover, at 21:00 GMT+2, the Federal Reserve will release its meeting minutes.
Coronavirus impact on US labor market: latest news
The 1st of April came with some good news that only 27,000 people became unemployed in private sector. Yes, the Covid-19 virus has turned the world upside down, and we are just happy that the numbers haven’t been as bad as expected(i.e. 150,000).
This report is called ADP and it provides an early look at the employment data , generally 2 days before the release of the government report “Non-Farm Employment Change”, which is more reliable.
It’s important to highlight, the ADP is based on data from March 1 to March 12, what means that it’s not fully reveal the damage caused by coronavirus.
Another report was published today, which is called “Unemployment claims”. It said that 6,648,000 people filed for unemployment insurance for the first time during the past week. Nobody could have imagined that! The forecast was 3.6 million. Although the US dollar status is considered as a safe-heaven currency, it could come under pressure and drop.
Moreover, tomorrow we will see a broader picture of the current situation as non-farm payrolls, unemployment rates and average hourly earnings will be published.
This Wednesday will be heaven for day traders. A considerable number of events will make the market volatile. Don't miss it!
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