Markets are mixed, as FX markets suggest a further moderation in risk aversion and an improving global growth outlook; other asset classes are failing to confirm this, with equities and oil prices lower and the US 10-year stable at 2.7%. Today’s data focus will be the release of ADP, expected to fall to 155k. Consensus expects a nonfarm print of 150k and accordingly any surprise on ADP will flow into the whisper nonfarm number. Today’s Beige book is also important as it will provide the Fed with anecdotal evidence as to how the underlying regional economies are unfolding.
Read the full report: FX Daily
Scotiabank