ADP broaldy within expectations, offers no new lean into payrolls
Minor adjustments on non-yielding (CHF) and risk sides
But otherwise contained trade, digesting how bond-risk-FX plays out near-term
Fairly modest ADP but within 'rounding error' of the market expectations really - so not going to influence any expectations into the proper release on Friday.
In a way, the market has also had to get used to the idea of less impressive looking numbers actually living with an okay economic performance of late.
Not much change on the morning session here, with a little bit of squeeze on both sides – CHF as the ‘non-yielder’ in a world of higher yields and slightly weighed risk counters on the other side. Fairly limited daily action outside of NZD though, and that might stay the case as some of the bond-risk-FX interplay is digested.