US NFP To Make A Day, Sterling After Disappointing Services Data
European stock market has stabilized, rising near half a percent. The whole week indices were influenced by Donald Trump’s decision to raise tariffs to 25% on $200 billion of Chinese goods.
Today’s most notable event is Non-farm payrolls from the US. The data is projected to mark 193 thousand growth in jobs in July. Jobless rate should fall to 3.9%. Average hourly earnings are expected to rise 0.3% mom. Overall, the job market is expected to remain strong.
The British services PMI dropped from 55.1 to 53.5. The Sterling didn’t seem to be bothered by this data. Yesterday, it broadly weakened on BoE’s disappointing rate hike, dropping under 1.30 versus the greenback. Against Loonie, however, and some other majors, the Pound held firmly.