Sep 05, 2019
Oil Inventories and ADP Report – Trade Now
Two major economic reports will be released today. The first is the crude oil inventories report, which will be published at 15:00 GMT. This report provides insight into the weekly change in oil inventories in the US. If a low number is reported, this indicates a higher demand and vice versa. Since there was a massive drop of 10 million barrels last week, the market is expecting today’s report to reflect a drop of 2.4 million barrels. In response to the oil inventories report today, the main assets to trade include crude and Brent oil.
The second important report that will be released today is the ADP report, or the ADP Jobs Report, which will be published at 12:15 GMT. The ADP report is a private survey of all jobs created in the private sector and it is recognized as an excellent indicator for the nonfarm payroll (NFP) report, which will be published tomorrow. The NFP is the major US jobs report and it also includes all government workers. If the ADP report is negative today, this could signal a disappointing NFP report tomorrow, while a positive ADP report today, could raise market expectations that the NFP report tomorrow will be positive. The main assets to trade based on the ADP report include the EUR/USD currency pair, gold and silver.