Tech and Cryptos return – North American session Market Wrap for December 2
The session is not over yet for AUD traders, who have the most significant domestic data release of the quarter on deck.
The evening session will turn the eyes towards Australian GDP (Q3) at 19:30 ET. Growth is expected to tick up to 0.7% QoQ. A strong print here is essential to maintain the RBA’s hawkish-hold stance; a miss could quickly price in earlier rate cuts.
This is followed by China’s Services PMI at 20:45 ET, providing a health check on the region’s largest trading partner.
Tomorrow’s session (Wednesday) is packed with central bank rhetoric and critical US service-sector data.
The early European session features final PMI readings and PPI data, but the real focus will be on the ECB. President Lagarde speaks twice (08:30 & 10:30 A.M. ET), flanked by Chief Economist Lane.
The North American Session will likely drive the most volatility: The day starts with a potential shocker: ADP Non-Farm Employment Change (08:15 A.M. ET). The consensus is set at a small +5K (down from 42K), which would signal a stall in private hiring just before the official NFP release and corroborate the weekly ADP readings.
However, the main event is the ISM Services PMI at 10:00 A.M. ET.
As the largest sector of the US economy, a reading near the consensus of 52.1 is expected. Traders should watch the Prices Paid index (previous 70) to see if service-sector inflation remains sticky.
The evening wraps up with AUD Trade Balance (19:30 ET), keeping the Aussie dollar in play.
