The market expects a strong reading of the ADP report and EURUSD is rebounding after yesterday's strong declines
The market is getting ready for a strong reading of the ADP report, as expectations point to 550k employment growth for March against the previous increase of 117k. If the reading meets expectations, it will be the highest employment growth since September last year. Despite these strong expectations, today we see a slightly weaker dollar and the EURUSD pair moves slightly higher. However, this is a rebound after yesterday's strong sell-off, which was related to the rise in US yields, which rose to almost 1.8%. ADP will be published at 1:15 PM GMT.
EURUSD is currently testing major resistance in the form of a downward trend line. Next resistance is located at 1.1750, and is strengthened by the 78.6 Fibonacci retracement of the entire upward move which occurred during Q4. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
