US equities are trading in minor positive territory at the mid-point of the session after opening marginally lower following the large gains seen during yesterday’s session. The better-than-expected ADP Employment data fuelled the risk-on move across various assets. However, the weekly jobs data from the US came in worse than street expectations capping some of the move north in the stock market.
Elsewhere in FX, it has clearly demonstrated safe-haven flows after failing to sustain some of the large gains seen yesterday with both EUR/USD and GBP/USD trading lower by around a point, which in turn as seen an advance in the USD-index, earlier breaking its 100DMA.
Looking ahead in today’s session the FOMC are to release the minutes from their December meeting although these are not expected to provide any further insight into the decisions made regarding changing rates only when certain economic thresholds are met. As a reminder, API inventories data is also due to be released after market at 2130GMT/1530CST.
Print 18:36, 03 Jan 2013 - Market Analysis - Source: RANsquawk
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