Yesterday saw risk appetite slowly trickle into markets as a resurgence in energy prices, a downplaying of Brexit concerns by the BOJ and FED saw equities in the US and Asia close in the green while safe haven currencies gave back some of their recent gains and gold trades off its latest highs.
The majority FED members have been shown to have adopted a wait and see stance especially after the May NFP number which caused markets to U-turn on their expectation of imminent rate hikes which makes tomorrows NFP figures of great importance with today’s ADP employment figures being watched as a guide.
The CAD, has enjoyed some respite with an increase in oil prices, and today's Crude Inventories and Canadian data will likely decide the fate of the looney and whether it can break out of the 1.2900/ 1.3000 range it has been stuck in.
Today’s key economic data is as follows:
- Manufacturing Production m/m expected at -1.25
- ECB Monetary Policy Meeting Accounts
- Building Permits expected at 2.1%
- Ivey PMI expected at 50.2
- ADP Non-Farm Employment Change expected at 158K
- US Crude Oil Inventories expected at -2.1M
- Current Account expected at 1.52T