🇺🇸 USD – BEARISH
1️⃣ The US just published the ADP Employment Survey, which printed just 167K, much worse than the 1.5 million expected.
2️⃣ Treasury Secretary Steven Mnuchin said on Tuesday that congressional Democrats and White House negotiators were working to deliver a deal by the end of the week and that progress had been made on key components of the bill.
🇬🇧 GBP – BULLISH
1️⃣ PMI data confirmed the UK service sector grew in July by the most for five years and new car registration jumped 11 percent as dealerships across the UK opened for their first full month of trading since February.
2️⃣ Some repositioning trade ahead of the Bank of England’s monetary policy decision.
🇪🇺 EUR – BULLISH
1️⃣ PMI data confirmed the Eurozone private sector activity grew in July by the most since June 2018 while the retail trade report showed the bloc’s sales bounced back to pre-pandemic levels.
2️⃣ ADP report showed the US private sector added nearly 170K jobs during last month, missing consensus badly.
3️⃣ The euro enjoyed its best month in a decade during July supported by a massive relief package agreed by EU leaders and dollar weakness.
🇳🇿 NZD – BULLISH
1️⃣ The unemployment rate handily beat the 5.6% forecast coming in at 4.0% and helped to push kiwi to trade well.
2️⃣ Risk-on market sentiment after top Democrats and negotiators from the White House say a deal on a coronavirus stimulus package could be reached by the end of the week and approved as early as the following week.
🇨🇦 CAD – BULLISH
1️⃣ Oil prices rose more than 3% to its highest level since March.
2️⃣ All major economic data in Canada printed positive.
🇦🇺 AUD – BULLISH
1️⃣ The USD remained depressed following the release of ADP report and ISM Non-Manufacturing PMI.
2️⃣ Commonwealth Bank Services PMI posted its strongest monthly rise since April of 2017.
🇯🇵 JPY – BEARISH
1️⃣ The Japanese government plans to decide at a cabinet meeting on Friday to use over 1 trillion Yen from its reserves for responding to the COVID-19 epidemic, after added 1,200 new cases on Tuesday.
🇨🇭 CHF – BULLISH
1️⃣ Swiss consumer confidence index improved from a record low.
2️⃣ Diminishing hopes of a swift US economic recovery from the coronavirus pandemic forced investors to continue dumping the USD.
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