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US Open Preview – Yen rallies as China unleashes new tariffs on US
April 4, 2018 11:26 amVideo
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Day ahead: US ADP employment report, factory orders eyed; trade risks intensify
Later in the day, US data will be in focus, with investors keeping a close eye on the ADP national employment report (1215 GMT) which tends to give an early indication of employment trends in the US ahead of the government’s nonfarm payrolls report (NFP) due on Friday. Particularly, the print is expected to show that positions in the private sector grew by 205,000 in March compared to 235,000 seen in February.
Separately, US factory orders due at 1400 GMT are anticipated to return to growth in February, rising by 1.7% in monthly terms after falling by 1.4% in the previous month, while at the same time, the US non-manufacturing PMI for the month of March is said to slow down by 0.5 points to 59.0. Note that, on Monday the ISM manufacturing PMI missed forecasts, retreating from 60.8 to 59.3.
In energy markets, the Energy Information Administration will publish its report on US oil inventories for the week ending March 30, with analysts expecting crude oil inventories to grow for the second straight week. Yesterday, the American Petroleum Institute indicated a drop in US oil stocks, surprising analysts who believed that the measure will continue to increase.
As for today’s, public appearances, St. Louis Fed President James Bullard (non-voter) will be making comments at 1345 GMT before a speech by FOMC board member and Cleveland Fed President Loretta Mester at 1500 GMT.
Trade headlines during the day will be of greater interest as China and the US continue the tit-for-tat game bringing more headaches to investors. A few hours ago, China decided to levy a 25% import tariff on 106 US products amounting to $50 billion per year – the products include soybeans, automobiles, and chemicals. This came just a day after the US unveiled a set of tariffs on Chinese imports.
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