ECB LEAVES RATES AT 0.5%; DRAGHI AND ADP NEXT
* USD is mixed with safe havens outperforming on US political gridlock.
* USD—today’s ADP is important as nonfarm risks a delayed release.
* USD—Bernanke delivers opening remarks‐unlikely to move markets.
* CAD– weak on risk aversion; BoC’s Macklem’s downgrade to growth.
* EUR is flat as ECB leaves rates at 0.5%; dovish Draghi at 8:30am EST.
* GBP rallies even as PMI construction disappoints; technicals are bullish.
* JPY is strong on risk aversion; technicals suggest more to come.
* USDJPY: for s.t. traders: short at 97.50, target 95.81 & stop 98.50.
* AUD is weak on risk aversion; trade deficit wide on solid exports.
* FX forecasts: broad USD strength into year‐end.
Read full report: FX Daily
Scotiabank