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Sep 01 - 11:55 AM

GBP/USD - COMMENT-Disappointing US ADP Leaves Sterling Eyeing Tuesday High And Beyond

By Paul Spirgel  —  Sep 01 - 10:12 AM

Sterling rose off early U.S. lows by 1.3753 after U.S. ADP employment data came in well below Reuters consensus, rising to a session high of 1.3797 and eyeing the previous session's two-week peak of 1.3807 as the next objective.

GBP/USD'srise back into the daily cloud after three previous failures may embolden bulls to take out 200-DMA resistance at 1.3810, putting the daily cloud top at 1.3911 in focus.

The rise of 374,000 jobs, below all 26 respondents Reuters polled in a survey range of 400,000 to 850,000, came ahead of Friday's non-farm-payroll data and could leave investors bracing for a result that under shoots expectations.
The Reuters consensus non-farm payrolls forecast is for 750,000, with a survey range of 375,000 to 1,027,000.

The disappointing ADP data appears to support Fed Chair Jerome Powell's cautious approach to reducing asset purchases, expressed in last week's Jackson Hole symposium speech, where he said the labor market needed to make more progress.

Adding pressure to the dollar, ECB President Christine Lagarde nS8N2MM03B said the euro zone economy needed targeted rather than massive support, while Bundesbank President Jens Weidmann nF9N2N601Nsaid inflation is at risk of overshooting ECB expectations.

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Source:
Refinitiv IFR Research/Market Commentary

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