The dollar had a volatile day yesterday, firstly weakening due to a disappointing ADP Employment Report, which showed that private businesses in the US hired 330 thousand workers in July. This was well below market expectations 696 thousand rise.
However, some positive data followed, as manufacturing PMI jumped to 64.1, above expectations and showing a strong growth in the sector throughout July. After this, some ‘hawkish’ comments from Federal Reserve officials boosted the dollar, which included Fed Vice Chair Richard Clarida saying that the Fed would likely reach its economic targets by the end of 2022 and he expected rate hikes to follow in 2023.
Today, balance of trade figures and jobless claims data will be released.
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