Market movers today
* Main focus will be on US non-farm payrolls. However, since the data are likely to be distorted by the government shutdown the market may react less to it. If anything, the reaction could be a bit asymmetric. If the outcome is weak, the shutdown will get the blame. If strong, it may signal an underlying pick-up in the job market. We look for only 115k in job growth in October, slightly below consensus of 125k, but uncertainty is high.
* Preliminary US consumer confidence for November from University of Michigan will give a first hint of how protracted the negative effect from the shutdown is. Sentiment should see support from falling gasoline prices and strong equity markets.
* Other data of interest will be German trade balance, French industrial production and US personal spending and core PCE inflation.
* There will also be speeches from both ECB and Fed members. Tonight Fed chairman Bernanke speaks at an IMF conference about the financial crisis.
Read the full report: FX Daily
Danske Bank