The U.S. Dollar was seen rising to intraday highs before easing back by the end of the day. Economic data on the day showed that the RBA held its monetary policy meeting. Interest rates were unchanged for the twenty-sixth consecutive month at 1.50%.
Data from the UK showed that construction PMI fell to 52.1 in September. This was slower than the estimates of 52.8 and down from 52.9 in August.
Data today will see the final services PMI from the Eurozone. The services sector is expected to remain unchanged as economists forecast a print of 54.7. This marks the same level of activity as the month before. Later in the day, retail sales data is expected to show a 0.2% increase in activity. This would reverse the previous month’s 0.2% decline.
The UK’s services sector is forecast to ease to 54.0 in September from 54.3 in August.
The NY trading session will see the release of the ADP private payroll figures. Estimates show that private payrolls might have increased 187k during the month in August.
The ISM’s non-manufacturing PMI report is expected to come out later. Estimates put activity in the services sector at 58.1. This marks a slightly slower pace of increase compared to 58.5 previously.
The remainder of the NY session will see speeches from other Fed members including Brainard and Mester followed by the Fed Chair, Jerome Powell.
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