The non-manufacturing PMI released by the Institute of Supply Management (ISM) yesterday showed an increase as the index rose to 59.8 in September. It was the highest level since September and beat estimates. The ADP private payrolls data was also released yesterday which showed that private hiring added 135k jobs in September which was slightly above the estimates of 131k. Previous month’s payrolls were revised down to 228k.
The US dollar was seen trading flat as investors were focused on the upcoming nomination of the Federal Reserve Chair. The US President Trump is expected to announce his nominee in a few weeks time.
Looking ahead, the economic calendar today will see the release of the ECB’s meeting minutes which could be a major catalyst for the euro currency. Fed member speeches today include Jerome Powell and Harker. Powell is widely tipped to be one of the contenders for the next chair of the Federal Reserve.
