The Euro continues growing. Overview for 02.09.2021

The major currency pair intends to keep its positive momentum; investors don’t “like” the “greenback”. 

EURUSD managed to continue the growth it started yesterday and remains quite strong on Thursday. the current quote for the instrument is 1.1840.

The statistics published by the USA yesterday were rather mixed. 

The ADP Non-Farm Employment Change showed 374K in August against the expected reading of 613K. there is no direct correlation between the ADP Non-Farm Employment Change and the NFP to be published on Friday but yesterday’s report always helps to obtain an overview.

There are a lot of minor reports on the American labour market, which are usually put on the back burner by more important releases. For example, the data from the BLS, which says that the preliminary report on the private sector employment in July was much weaker than the official reading. At the same time, the BLS believes that the August data may be higher than the month before, although it is significantly influenced by the shortage of manpower and the pandemic pressure. 

The statistics from Paychex and IHS Markit, in their turn, show that small business employment was rising pretty well in August and the indicator reached its 2018 high. 

This mixed employment data was a bit compensated by the statistics on the ISM Manufacturing PMI in August, which improved up to 59.9 points after being 59.5 points the month before. Any reading above 50 points indicates the expansion of manufacturing parameters. The component of the report showed that the New Orders stopped plunging and reached stability at 66.7 points.