With this morning’s ADP employment report bolstering the odds of a rate increase next week, one would expect the USD to get a little bump (is there anyone left out there who doesn’t expect an increase?)
It would be a shame, though, if investors saw rising rates as a negative — which explains why USDJPY stepped up to the plate. The peculiar thing is that the now-familiar spike occurred over 5 hours before the ADP news hit.
Futures are up 9.5 points from their overnight lows, and everything is peachy again in the “markets.”
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