[macro outlook] focus on the employment of ADP in the United States in August and the monthly rate of durable goods orders in July in the United States.

Published: Sep 2, 2020 00:36

SMM9, March 2: today focuses on data on the number of US ADP jobs in August. In terms of major events, Bank of England Governor Pele, Deputy Governor Ramsden, head of Financial Stability Brazier, and Commissioner Frege made speeches, and Federal Reserve Williams attended the seminar hosted by the Bretton Woods Committee.

In terms of data, the actual monthly rate of retail sales in Germany in July is the leading indicator of consumer spending, which is the most important part of overall economic activity. Retail sales increased, which was good for the euro.

Employment data for August ADP employment in the United States are the leading indicator of consumer spending and account for the majority of overall economic activity. Two days ahead of the official non-farm payrolls data released by the Labor Department, it is seen as a leading indicator of non-farm data.

The final monthly rate of durable goods orders in the United States in July is a leading indicator of production, and the listing of orders means an increase in manufacturing activity, which is good for the dollar.

The monthly rate of factory orders in the United States in July, because the statistics include supplies from the defense sector and supplies from the transportation sector, which are all high-priced products, changes in data from these two departments have a great impact on the overall data, so the market also pays more attention to the changes in data after deducting supplies from the defense sector and the transportation sector. Overall, an increase in the figure indicates an improvement in manufacturing, which is good for the country's currency. On the other hand, if it falls, it means that the manufacturing industry is shrinking, which is bad for the country's currency. The market generally attaches the most importance to the US durable goods orders index.

The change in EIA crude oil inventories in the United States in the week ended August 28 is a US indicator. The increase or decrease in inventories will affect the price of crude oil, which in turn will have an impact on the Canadian dollar, as Canadian crude oil exports account for a large proportion of the economy. The impact is greater than the weekly change in crude oil inventories of the American Petroleum Institute ((API)).

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