Strong ADP Report Supported Growth of US Dollar
The US dollar is growing after stronger than expected employment data. The ADP report showed employment growth in the US private sector by 235 thousand, higher than expectations of 200 thousand. During the rest of the week there are a number of key events. It is expected, that the Fed will keep the interest rate unchanged today. President of the United States Donald Trump will announce his candidacy for the post of chairman of the Fed tomorrow.
The British pound is strengthening in anticipation of an increase in the interest rate of the Bank of England. Strong production data from the UK also support expectations of higher interest rates. The activity of the manufacturing sector in the UK increased significantly in October. The PMI manufacturing in the UK rose to 56.3 in October. The forecast of economists was 55.8.