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3 Jun 2015
US data may reassert strength in the USD – RBS
FXStreet (Barcelona) - According to Greg Gibbs, FX Trading Strategist at RBS, US ADP employment and ISM non-manufacturing data might pour some strength in the dollar but Greece headlines will likely keep the EUR bears away for the time being.
Key Quotes
“There was little news driving US markets overnight, although US vehicle sales were considerably stronger than expected. Total sales rose in seasonally adjusted terms by 7.6%m/m in May to the highest rate since 2005. This should presumably help confidence that household and business spending is back on track in Q2, in part supported by low fuel prices.”
“More attention may be paid to the US ADP employment report due tonight and the ISM for services. There is a chance that this data reasserts strength in the USD.”
“Although positioning in the EUR and caution around recent market volatility and news that is likely to continue to flow forth on Greece suggests that the market will be very wary of selling EUR for the time being.”
Key Quotes
“There was little news driving US markets overnight, although US vehicle sales were considerably stronger than expected. Total sales rose in seasonally adjusted terms by 7.6%m/m in May to the highest rate since 2005. This should presumably help confidence that household and business spending is back on track in Q2, in part supported by low fuel prices.”
“More attention may be paid to the US ADP employment report due tonight and the ISM for services. There is a chance that this data reasserts strength in the USD.”
“Although positioning in the EUR and caution around recent market volatility and news that is likely to continue to flow forth on Greece suggests that the market will be very wary of selling EUR for the time being.”