Choppy trading conditions have traders whipping it around
The price action in currency markets are a bit choppy in trading today.
The weak stock market seems to be an influence.
As the time clicks, the time to US employment report becomes more of a focus. The data from the ISM has been more weak, with employment components in the Manufacturing ISM yesterday and the NY ISM today coming in lower. The initial claims data has not been steady. There is the question of the cold and harsh weather. Will the revisions on Friday continue the trend of being revised higher?
The ECB decision, Draghi presser, and QE start has also contributed to the markets unsettled state.
The volatility is likely not going away. So be aware. Like the market. Don't love it.
PS Tomorrow we get another clue from the ADP employment report. The expectation is for 220K vs 213K last month. The private sector payroll data last month showed private sector payroll to rise to 267K. So there could be a revision.
