Good Morning. Let the games begin. ISM services kicks off three days of news, rumors, data and more. Interesting the Fed normally releases minutes on Wednesday’s but decided to release them this Thursday (tomorrow) the same day the ECB has yet another meeting and a possible rate cut. Add in Friday’s non-farm payroll report and this market has a lot to digest.
Today we also get the famed ADP private sector payroll. A number that seldom correlates well with the NFP will make the airwaves for a bit pre-market. It’s amazing how many times this number can forecast a big NFP report only to dash those hopes with reality two days later.
It’s going to be very interesting to see the September NFP as well. The weekly jobless claims the latter part of August, early part of September which feed into this report were very weak.