Disappointing ADP Employment Change Pushing GBPUSD Higher

Disappointing ADP Employment Change Pushing GBPUSD Higher

By: Oliver Miller | Where To Trade | On:04-02-2015 16:01
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Key Highlights

  • British pound surged higher against the US dollar, as the UK services PMI came above the forecast.

  • UK PMI service released by both the Chartered Institute of Purchasing & Supply and the Markit Economics came in at 57.2, up from the last reading of 55.8.

  • Spanish Purchasing Managers Index (PMI) Services released by Markit Economics posted an increase from the last reading of 54.3 to 56.7 whereas the market was expecting 54.9.

  • Italian Services PMI also exceeded forecast with a gain from 49.4 to 51.2 in January 2014.

  • French Services PMI disappointed and posted a decline from 50.6 to 49.3 more than expected.

  • German Services PMI exceeded the forecast with a reading of 54.0, up from 52.1.

  • Euro Zone Services PMI also posted a rise from the previous reading of 51.6 to 52.7.

  • Euro Zone Retail Sales released by the Eurostat registered an increase of 0.3% in December, compared with the last month revised gain of 0.7% and more than forecast of 0.2%.

  • Portugal Unemployment Rate released by Statistics Portugal jumped from 13.1% to 13.5%.

  • EURUSD was also stable as the economic releases in the Euro Zone were on the positive side.

US ADP Employment Change

Earlier during the NY session, the ADP Employment Change released by the Automatic Data Processing, Inc. The forecast was slated for a gain of 225K, compared with the last reading of 241K. However, the outcome was on the lower side, as the US ADP registered an increase of 213K in January 2015. This helped the pairs such as EURUSD and GBPUSD.

Euro Zone and UK Services PMI

There were a couple of important releases lined up in both the Euro zone and the UK. The most important one was the UK PMI Services released by the Chartered Institute of Purchasing & Supply and Markit Economics was the highlight of the London session. The market was expecting it to increase from the last reading of 55.8 to 56.3. However, the outcome was very encouraging, as the UK PMI Services managed to post a reading of 57.2 in January 2015. The report mentioned that the UK service sector started 2015 in a strong fashion. The main reason was the fact that the activity and new business both increased at accelerated and above survey average rates. The most important point was the mention that the new business increased at a sharp pace and accelerated in January. The British pound took advantage of the same, as the GBPUSD pair gained bids to trade above the 1.5200 resistance area.

In the Euro Zone, the Purchasing Managers Index (PMI) Services released by Markit Economics. The market was not expecting any major change in the Euro zone services PMI, but the outcome exceeded the forecast with a gain from 52.3 to 52.7.

Technically, the EURUSD pair was not affected much after the release. It was seen trading in a range with immediate support around the 1.1420-00 area. On the upside, the 1.1460-80 area is acting as a resistance.  

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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