6.3 Note on today’s ADP Employment Report and ISM Non-Manufacturing Index

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Please make your own investment decisions.

The commodity markets have relatively high volatility, but with the weekend employment statistics ahead, they are continuing to move without a clear direction.

The dollar, which had been bought in the Tokyo market, stalled in the European morning session.

In the absence of any particular drivers, price movements are in a range.

We would also like to keep an eye on today's ADP employment statistics and the ISM non-manufacturing index.

Especially the ISM.

Because the United States has a very large service sector, if the employment index here is weak, even with many job openings, it will highlight bottlenecks in the supply of labor and the employment statistics are unlikely to perform well.

If that happens, markets are likely to turn toward a easing stance, with tech stocks and others expected to be bought.

We expect it to translate into a move incorporating the employment data.

Regardless of employment, if other figures are strong, the economy would be shown as buoyant, so even if the employment statistics are unexpectedly poor, stock prices are expected to be supported on the easing side, with the initial move possibly selling but with a floor.

Today's analysis: Nikkei, Euro/Dollar, Dollar/Yen, Pound/Dollar, Pound/Yen, Gold, Dollar/CAN