What are the main events for today?

There’s not much in the European session today as we will just get the construction PMIs and the Eurozone retail sales data. These are not market moving events. The focus will be again on the US labour market data in the American session with the US ADP, Jobless Claims and ISM Services PMI on the agenda.

12:15 GMT/08:15 ET – US August ADP

The ADP is expected to show 145K jobs added in August vs. 122K in July. Since the market is very focused on the labour market data now, this time we might see a bigger market reaction but overall it shouldn’t change much in terms of market pricing as everything depends on the NFP report tomorrow.

12:30 GMT/08:30 ET – US Jobless Claims

The US Jobless
Claims continues to be one of the most important releases to follow every week
as it’s a timelier indicator on the state of the labour market.

Initial Claims
remain inside the 200K-260K range created since 2022, while Continuing Claims
have been on a sustained rise showing that layoffs are not accelerating and
remain at low levels while hiring is more subdued.

This week Initial
Claims are expected at 230K vs. 231K prior, while Continuing Claims are seen at
1865K vs. 1868K prior.

14:00 GMT/10:00 ET – US August ISM Services PMI

The US ISM
Services PMI is expected at 51.1 vs. 51.4 prior. This survey hasn’t been giving
any clear signal lately as it’s just been ranging since 2022, and it’s been
pretty unreliable. The market might focus just on the employment sub-index
ahead of the US NFP report tomo

The recent S&P Global Services PMI showed another uptick in the services sector as
growth in Q3 diverged again between Manufacturing and Services.

This article was written by Giuseppe Dellamotta at www.forexlive.com.