Market Update – 5th April 2017 – Aussie Loses Ground For A Fourth Day Ahead of U.S Prelim Jobs Numbers Tonight

A bit happening tonight with regards to economic data and announcements and it all begins with UK Services PMI at 6.30pm. Services PMI is tipped to remain above 50, the point which denotes expansion, but only marginally at 53.5. AUD/GBP has been falling of late but remains above the 0.6000 level on the wholesale market despite strong inflation numbers and generally positive signs out of the U.K. Brexit negotiations with the EU of course are the spanner in the works and the wildcard which could see AUD/GBP continue to trade with increased volatility.

Elsewhere tonight we’ll see the latest preliminary non-farm employment figures out of the U.S with ADP numbers due just after 10pm AEST. The market is expecting to see around 184K new jobs, which would be less than the previous months figures but still on pace with recent months readings. Obviously a bumper number here will provide impetus for a further rally in the US dollar, particularly against the Aussie – AUD/USD has fallen again but is holding onto 0.75 for the time being.

DATA RELEASES TODAY:

GBP – Services PMI at 6.30pm

USD – ADP Non-Farms Employment at 10.15pm

USD – ISM Non-Manufacturing PMI at midnight

USD – FOMC Meeting Minutes at 4.00am

AUD EXCHANGE RATES:

AUD/USD – 0.7528

AUD/GBP – 0.6032

AUD/EUR – 0.7036

AUD/NZD – 1.0798

AUD/JPY – 83.356