Preliminary US labor market data from ADP to be released today - 31.8.2022

On Tuesday, the US dollar index remained almost unchanged. Since the beginning of last week, it has been trading in a range of 107.5-109.5 points, near a 20-year high. Investors are looking forward to important data on the labor market (United States Nonfarm Payrolls) for August, which will be released on Friday, September 2. Yesterday in the US was published the activity of consumer confidence CB Consumer Confidence (103.2 points) for August, which turned out to be better than expected. Significant statistics will be released in the Eurozone today, which may affect the euro rate: unemployment in Germany and inflation in the EU. This morning China released the NBS Manufacturing PMI for August (49.4). He exceeded the forecast and this had a positive impact on the yuan.

Today, Bitcoin continues to trade near the psychological level of $20,000 for the 4th day in a row. Over the past 2 weeks, it has collapsed by almost 20%. The main negative for the crypto market was a sharp rise in the price of electricity in a number of European countries. In addition, some environmentalists have begun to criticize cryptocurrency mining for its possible contribution to the global increase in carbon dioxide emissions.

Yesterday the US stock indexes went down. The main reason for this was the increased expectations of investors that the U.S. The Federal Reserve will raise the rate by 0.75% from 2.5% to 3.25% at its next meeting on September 21st. This was supported by yesterday's good data on the increase in vacancies in the labor market (United States JOLTS Job Openings). The report of the independent agency ADP United States Nonfarm Employment Change for August will be published today. Rising rates may increase the corporate lending burden. However, now futures for US stock indices are growing slightly. This was supported by good data on industrial activity in China, as well as positive news from US companies ChargePoint Holdings and Hewlett Packard Enterprise.

On Tuesday, oil quotes fell. The negative factor was the report of the independent American Petroleum Institute on the increase in oil reserves in the US by 0.59 million barrels per week. However, it can be noted that the market is generally stable. U.S. West Texas Intermediate (WTI) has been trading in the range of $85-100 per barrel for almost 2 months. Investors are awaiting the results of the next OPEC+ meeting on September 5. The decision to adjust oil production will be made depending on the situation in Libya and on the course of negotiations between Iran and Western countries on the "nuclear deal". Today, as usual, the publication of official data on US weekly oil inventories from the U.S. is expected. Energy Information Administration. Now oil continues to get a little cheaper amid reports of new cases of coronavirus in China.

The cost of natural gas in Europe (TTF) remains high and has been above $2,500 per thousand cubic meters for 2 weeks already. This may have a positive impact on oil and coal quotes.