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The markets continue to whipsaw ahead of today’s payrolls report. This comes after the private payrolls, as reported by ADP hit a six month low. Private firms added just 67k jobs in November, falling well below estimates. The dollar remains weak, posting declines for five consecutive days. Equity markets were recovering from Tuesday’s sell-off, but sentiment is cautious.
Eurozone Final Services PMI Improves
The final services PMI report for the Eurozone came out better than expected. Services activity, as measured by IHS Markit, saw the index rising to 51.9 for November. This was higher than estimates of 51.5 and a modest increase from October’s 51.5. The increase in the index was driven by higher services activity from Germany and Spain.
EURUSD Rebounds off Support – Will the Momentum Keep Up?
The euro currency fell to the support area of 1.1062 – 1.1075 and promptly recovered. With support established at this level that previously served as resistance, further gains are possible. The...
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