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Market Wire Update:
Lost Jobs Strengthen Stocks
The private side of the U.S. employment market, as gauged by the ADP report, shed 203K jobs last months, compared to the -254K in the previous read. The number however was not as good as expected, which was for a -188K drop. There is little initial reaction from the markets.
Most pairs are holding the European session highs or lows, with the commodity based aussie and cad showing the most desire to push the dollar lower. Cable and yen are in lock-step recently, as are the inverted euro and swissy. The ISM PMI numbers are at 10:00 EST, and in a live market, they may make an impact ahead of the 10:30 EST Oil Inventories, and 14:15 EST FOMC rate decision. The bias is on a weaker Usd if S&P trade takes out 1050, and if so 1054 should come in quick time.