Themes

• General mood is “risk off”
• Fed’s Bostic speaking today
• Data includes Swiss Trade Balance, Canadian ADP Non-Farm Employment and U.S. Initial Claims

What’s Moving
Very little today. After the overnight volatility, we traded tight ranges in Asia. USD/CAD slightly extended the upside, while most of the rest of the majors consolidated overnight movements. Gold edged slightly higher, but the better levels were soon rejected.

Thoughts
We are expecting another quiet European session, with little on the data slate there. We also expect many to be sidelined ahead of tonight’s U.S. Initial Claims numbers, which have the potential to be market moving. The market is expecting a number of 260k, from 267 last. A higher number should see the Big Dollar of to the races.