During the transactions of today, Wednesday, August 2, 2017, the markets will focus on economic agenda’s data announcements, which usually creates changes in the price movements. The economic agenda is considered a key fundamental analysis tool to predict market performance.
Therefore, caution is recommended until these actual data results are known, in order to make an informed trading decisions.
Today’s economic news are:
UK Construction PMI: This index is a survey of a 170 purchase managers asking the participants to evaluate the relative working conditions level, including workforce, production, new orders, prices, vendor deliveries and inventory. Any level above 50 indicates expansion and recovery. Any reading below 50 indicates contraction in the sector. The UK economic sectors have been subject to more volatility since BREXIT voting. The index is expected to continue its retreat towards 54.2 from 54.8 in the last month.
US Non-farm employment change from ADP: This report gives an early results of the government employment data. Usually is announced two days before the official Non-Farm Payroll Report. The report measures the new jobs average in the non-farms and non-government sectors. It is expected that job creation will increase to 187K, after a drop to 158K last month.
US Oil Inventories: The inventories continued to drop pushing the crude prices up to the $50 per barrel level, after a strong drop in the US crude inventories at more than 7 million barrels, and this week is expected to show inventories registering a lower level or withdrawal.