What’s Happening in Commerce in New York
The Canada jobs report and the US PPI are due at the bottom of the hour. The PPI could be hot today, given all the survey data highlighting rising input prices. It lands in a loose bond market, which could have some effect.
A more likely market driver is the employment report in Canada, which is expected to be + 75K. It was down 212K in January, but the market ignored some one-off factors and adjustments. A surprisingly high number could send USD / CAD all the way up to 1.2500 and trigger a test of the February low, but it will need the help of the broader risk trade.
At 3:00 p.m. GMT, the March preliminary survey of U Michigan consumer confidence is due. There is a one-way bias in this number: if it is strong, it is a sign of a booming economy. If she’s sweet, she gets a free pass because the stimulus money is coming.
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