There's not much in the European session today as we will just get the construction PMIs and the Eurozone retail sales data. These are not market moving events. The focus will be again on the US labour market data in the American session with the US ADP, Jobless Claims and ISM Services PMI on the agenda.
12:15 GMT/08:15 ET - US August ADP
The ADP is expected to show 145K jobs added in August vs. 122K in July. Since the market is very focused on the labour market data now, this time we might see a bigger market reaction but overall it shouldn't change much in terms of market pricing as everything depends on the NFP report tomorrow.
12:30 GMT/08:30 ET - US Jobless Claims
The US Jobless Claims continues to be one of the most important releases to follow every week as it’s a timelier indicator on the state of the labour market.
Initial Claims remain inside the 200K-260K range created since 2022, while Continuing Claims have been on a sustained rise showing that layoffs are not accelerating and remain at low levels while hiring is more subdued.
This week Initial Claims are expected at 230K vs. 231K prior, while Continuing Claims are seen at 1865K vs. 1868K prior.
14:00 GMT/10:00 ET - US August ISM Services PMI
The US ISM Services PMI is expected at 51.1 vs. 51.4 prior. This survey hasn't been giving any clear signal lately as it’s just been ranging since 2022, and it’s been pretty unreliable. The market might focus just on the employment sub-index ahead of the US NFP report tomo
The recent S&P Global Services PMI showed another uptick in the services sector as growth in Q3 diverged again between Manufacturing and Services.
