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US Open Preview– Eurozone data push euro and stocks higher; ADP employment report in focus
January 4, 2018 12:26 pmVideo
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Here are the latest developments in global markets:
Day ahead: ADP nonfarm employment report attracts attention
Traders will keep a close eye on the dollar as several economic releases are expected to move the currency during the European trading hours.
At 1315 GMT, the ADP nonfarm payrolls report which tracks changes in the US private sector employment is expected to show that the number of workers increased by 190,000 in December, as in November. The report is considered as a good predictor of the all-important nonfarm payrolls due on Friday which indicates employment trends in both the private and public sectors. A few minutes later, the US Department of Labor will publish figures on initial jobless claims for the week ending December 29.
Meanwhile in Canada, producer prices are anticipated to rise by 0.8% m/m in November after touching the highest growth in a year of 1.0% in the previous month.
In terms of public appearances, St. Louis Fed President, James Bullard (a non-voting FOMC member) is scheduled to give a presentation on the US economy and monetary policy at 1830 GMT.
At 1600 GMT, the EIA report which measures weekly changes in US oil inventories is projected to bring some volatility to oil prices. Forecasts are for crude oil inventories to fall by a larger amount of 5.148 million barrels compared to a reduction of 4.609 million barrels in the preceding week. That would be the seventh week of declines for the US crude stocks.
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