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Us Dollar exchange rates

For today, the employment component of the non-manufacturing ISM survey and the ADP employment report will be closely watched. We would expect market reaction to be binary, with a stronger out turn in both likely to suggest upside risks for payrolls. However, in such scenario we think US Dollar exchange rate upside may be limited given both have been poor indicators of payrolls over the past few months.

However, if the numbers are near expectations, then we would expect that would have little impact on market expectations for payrolls and will likely keep the US Dollar trading range bound in the run up to Friday.

That said it is still a good time to buy US dollars