Daily Market Report 02/09/16

USD

The weekly jobless claims figure revealed fewer Americans than forecast filed applications for unemployment benefits last week, further evidence of a healthy labour market.

The report showed hiring managers are hesitant to pare workforces as a tighter labour market puts a premium on skilled and experienced employees. With dismissals close to four-decade low, sustained and elevated levels of hiring would boost the chances that Federal Reserve policy makers will raise interest rates by the end of the year.

The other key announcement wasn't so positive however as manufacturing in the US unexpectedly contracted in August for the first time in six months amid slumping orders and production that raise concern of industrial weakness.
 

GBP

Yesterday morning the Pound jumped after factory activity reached a 10-month high with the IHS Markit Purchasing Managers Index beating forecasts to 53.3 in August. The figure showed manufacturing had been boosted by the weaker pound increasing export demand.

Companies reported that work that had been postponed after the Brexit vote had now been restarted, as manufacturers and their clients started to regain a sense of returning to business as usual. 
 

Key Announcements

09:30 - GBP - Construction PMI is forecast to increase to 46.6

13:30 - USD - Average hourly earnings are forecast to decrease to 0.2%

13:30 - USD - Non farm employment is expected to decrease to 180k

13:30 - USD - Unemployment rate is expected to decrease to 4.8%