In the US session Non-Manufacturing PMI figures were released. US Non-Manufacturing PMI registered 56.2 percent in December, 3.1 percentage points lower than the November reading of 59.3 percent. Analysts were predicting smaller decrease to 58.2. This represents continued growth in the non-manufacturing sector. According to the NMI, 12 non-manufacturing industries reported growth in December. Comments from respondents are mostly positive about business conditions and the overall economy for year-end.
There will be no data releases from the UK tomorrow, so we can expect a steadier European part of the session. In the US session ADP job figures, and Trade Balance data are scheduled for a release. ADP job figures should show increase of 227,000, while Trade Balance deficit is predicted to decline to $42.3 billion. However, the focus of the session will be on FOMC Meeting Minutes, which should bring a lot of volatility to the markets., and with traders looking for hints on future monetary policy.
Figures to watch:
ADP Non-Farm Employment Change (Wednesday 14:15)
Trade Balance (Wednesday 14:30)
FOMC Meeting Minute (Wednesday 20:00)
