Markets are calmer into today’s open, with a relatively mixed environment. Supported by some stabilization in oil prices and China’s decision to cut its RRR by 0.5% but with an uneasiness on the back of ongoing political uncertainty, particularly from Greece. The USD is mixed, with most of the oil sensitive and European currencies lower; but NZD, GBP and JPY all higher. Today, oil inventories (10:30am EST) will be important drivers of WTI prices; in addition ADP employment is expected to show private job gains of 220k, which will feed directly into expectations for nonfarm, regardless of whether they should.
Read the full report: FX Daily