02. US ADP Non-Farm Payrolls: Wednesday, 13:15. The U.S. private sector added 208,000 workers in November following 230,000 jobs gain in the previous month, indicating the slowdown in global economy does not impact US domestic activity. The ongoing improvement in the labor market leads to faster wage growth. A Labor Department report showed compensation per hour increased 1.3% in the third quarter rather than the 2.3% reported in the previous month, and declined 0.9% instead of the expected 2.3% rise. ADP job gain is expected to reach 227,000 in December. 03. US Trade Balance: Wednesday, 13:30. The U.S. trade deficit contracted less than expected in October reaching $43.03 billion. Lower crude oil prices had limited impact. Imports jumped 0.9%, reaching $241 billion, while exports increased 1.2% to $197.5 billion, indicating the economy was is resistant to the slowdown in global demand. Economists forecast a deficit of $41.3 billion. Exports to the European Union increased 8.5 percent, while China saw a 36 percent jump in the value of goods it imported from the United States. Exports to Japan rose 4.0 percent, while those to Canada and Mexico – the main U.S. trading partners – reached record highs. Sustained dollar strength, however, is expected to undercut export growth in the months ahead. Imports from China hit an all-time high, leaving the politically sensitive trade gap at $32.6 billion. U.S. trade deficit is predicted to narrow to 42.3. 04. US FOMC Meeting Minutes: Wednesday, 19:00. In the December FOMC meeting, the Fed removed the “considerable time” message regarding rates, but balanced it with its observations and a more moderate “dot chart”. The dollar then got a boost by Yellen, that sounded optimistic about the economy, talked about raising rates in 2015 and did not fear the fall in oil prices. We will now see some of the internal debate around that meeting. Will we see a dovish minutes to counter the bullish tone? Or could it just serve as another dollar driver?
Posted on: Wed, 07 Jan 2015 01:10:32 +0000
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