What you need to know on Wednesday, October 6:
The dollar weakened modestly against most of its rivals, although currency pairs remained within familiar levels. The US data was mixed as Markit’s services PMI came in at 54.9 in September, better than the 54.4 expected. More relevant still, the official US ISM services PMI improved to 61.9 in September, much better than the 60 expected. However, the Trade Balance of Goods and Services for August, which registered a deficit greater than anticipated of 73.3 billion dollars.
The focus now shifts to data related to employment in the US, starting on Wednesday with the ADP survey of private job creation. US Federal Reserve Chairman Powell said a good employment report would convince him to tighten monetary policy. The country will release the Non-Farm Payroll report on Friday.
The commodity currency reversed initial losses and posted modest gains as European and US stocks rallied. AUD / USD is trading around 0.7290, while USD / CAD is around 1.2580.
USD / JPY advanced, currently at 111.50, as US Treasury yields rose. The yield on the 10-year Treasury note peaked at 1.54% and currently stands at 1.53%.
Gold lost some ground as investors moved away from safe-haven assets. The shiny metal was around $ 1,760 a troy ounce. Crude prices continued to advance and the WTI closed above $ 79.00 a barrel.
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