Market Movers
Today focus will be on the US ADP employment index. Consensus is for an increase in ADP employment growth of 200,000 in August, up from 185,000 in July. The index will be scrutinised ahead of non-farm payrolls due for release on Friday but it is not necessarily an accurate leading indicator.
US factory orders are also due for release and consensus is for an increase of 0.9% m/m, which is overall in line with the solid durable goods orders. If on the other hand factory orders surprise on the downside, it is likely to increase concerns about the US manufacturing sector following yesterday's decline in manufacturing ISM.
Given the high volatility in the oil market more attention than usual will likely be paid to the weekly US inventory data to be released today at 16:30 CET. Consensus expects a small rise following the large 5.5mb drop last week.
In Denmark, the key focus will be on the release of the FX reserve for August.
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