The euro deepening correction. Overview for 03.09.2020

On Thursday, EURUSD remains under correctional pressure. The current quotation is 1.1820.

Yesterday’s statistics demonstrates that the ADP Non-Farm Employment Change in August grew by 428 thousand workplaces after the previous growth by 212 thousand. However, forecasts had suggested growth by 1.250 million workplaces. Normally, this report precedes a whole block of US statistics on the labor market; however, there is no direct correlation between the ADP and NFP parameters. Nonetheless, the digits give a general impression of the situation in the market.

The manufacturing orders volume in July remained the same as in June - 6.4% (calculated per month).

In the Beige Book report, it is said that this summer, the US economy demonstrated obvious recuperation but the systemic problems remain in place.

Today, the macroeconomic calendar will be as full of data as yesterday. The EU will publish the retail sales data and the final PMI in servicing digits for August. The US will issue weekly initial unemployment claims data, labor productivity, and payroll costs in the second quarter of this year. Moreover, the PMI in services will be released in the USA – both official and by Markit. This is going to be interesting.