European Data Mixed as Growth Concerns Persist
In Europe, sentiment was weighed down by weak labor and fiscal figures. Spanish unemployment rose sharply by 22.1K, missing forecasts of 5.2K, while France reported a budget deficit of €155.4B, marginally better than the previous €157.5B shortfall.
However, industrial activity offered a glimmer of relief, with German factory orders rising 1.1% and French industrial production up 0.8%, both beating expectations and hinting at mild stabilization in the eurozone’s manufacturing sector.
Focus Shifts to U.S. Labor and Services Data
Looking ahead, markets are awaiting the ADP Non-Farm Employment Change, forecast at +32K after a -32K decline last month. The ISM Services PMI is projected to edge up to 50.7 from 50.0, while the Final Services PMI is expected at 55.2, unchanged.
Any upside surprise in these indicators could strengthen the dollar further, pressuring gold, silver, and major forex pairs like EUR/USD and GBP/USD.
