ISM Non-Manufacturing PMI beats with 57.5 – USD rises

The US services sector is doing well, growing at an accelerated pace. ISM’s non-manufacturing PMI beats expectations with a score of 57.5 points. Orders are at the highest since 2005.

The US dollar ticks higher with USD/JPY reaching 112.47.

The ISM Non-Manufacturing PMI for April was expected to advance to 55.8 points from 55.2 in March. Any score above 50 reflects expansion. The employment component is eyed as a hint towards Friday’s Non-Farm Payrolls report.

The US dollar was looking firm against the Japanese yen and against the Aussie, while mostly unchanged when looking at other currencies.

Earlier, the ADP report for private sector jobs came out at 177K[1], within the 175K increase that was expected. The ADP number did not correlate with the official BLS number for the private sector last month. Markit’s final services PMI was upgraded to 53.1 from 52.5 originally reported.

The big event for today is the Fed decision. While no change is expected, markets will be watching every word in the statement for a hint about June. Recent economic data has not been upbeat. Will the Fed react?

See Fed preview: reasons to be worried – 3 scenarios[2]

Apart from the FOMC and the Non-Farm Payrolls, markets are looking at the second round of the French elections. Macron continues commanding a 60% lead against Le Pen’s 40%.

Tonight, these two will face each other in a televised debate.

French elections – all the updates in one place[3]

Get the 5 most predictable currency pairs[4]

from Forex Crunch http://feedproxy.google.com/~r/ForexCrunch/~3/xOpWDDXGOjk/

from Online Forex Trading Resource
View thesource article here

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