Investing.com - Financial Markets Worldwide

Dollar Mixed Ahead Of ADP And ISM Services

ByActionForex
Published 06/05/2013, 05:55 AM
Updated 03/09/2019, 08:30 AM

The dollar is mixed as markets anticipate the release of employment and services data due today. Expectation on the timing of Fed's policy exit will continue to be adjusted, based on incoming economic data. Dallas Fed Fisher said that there was a "practical limit" to the size of Fed's balance sheet and there wouldn't be "QE infinity". He also noted that housing market is "in a good state", construction has started again and house prices are "appreciating significantly". And it would be "prudent to dial back the rate of purchases" in MBS. Kansas City Fed George said she supported slowing the pace of asset purchase as the "appropriate next step for monetary policy". She noted that "adjustments today can take a measured pace as the economy's progress unfolds."

The ADP employment report is expected to show 170k growth in private sector jobs in May. The ADP number was notably weaker in March and April, with 131k growth and 119k growth respectively. That compared to 177k in January and 198k in February. The ISM manufacturing index is expected to improve slightly to 53.5 in May, ending a two month decline. Other data to be watched from the U.S. include factory orders, non-farm productivity revision and the Fed's Beige Book economic report.

Elsewhere, Australian data showed 0.6% qoq growth in GDP in Q1, unchanged fro Q4 and missed expectation of 0.8% qoq. The data brought yoy growth to a below trend 2.5%, the worst since 2011. The U.K. BRC short price index dropped -0.1% in May. Services PMI will be a focus in the European session, with Eurozone PMI services revision and U.K. PMI services featured. The eurozone will also release Q1 GDP revision and retail sales.

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