Euro/dollar keeps balancing in zero gravity on Wednesday morning. The current quotation is 1.1870. Capital markets remain on a halt, waiting for a large block of US macroeconomic statistics. Today the first report is due: the private sector workplaces by ADP in June. There is no direct correlation between this release and the NFP but this gives a general idea of actual trends.
The statistics published yesterday was vague. The PPI in Eurozone in June grew by 1.4% m/m as expected. A month before, it had risen by 1.3% m/m. US factory orders in June grew by 1.5% m/m, turning out better than expected. Data for May was revised and improved amounting to 2.3%.
No one will look at secondary data and react to them while more important reports are due. The US employment market statistics looks even more important after the head of the Fed Jerome Powell claimed that this sector was still struggling. It is indeed curious to see whether there are real problems - or the Fed is again trying to win time before it has to admit that the time has come to reduce stimulation.