ADP predicts that 250,000 private sector jobs will be lost when payrolls are released Friday. The hits to the economy just keep coming.
EUR/JPY has softened a bit in the wake of the data, trading now at 117.30. Markets remain wary as economic data slows around the world with few, if any winers on the horizon. This makes picking FX winners particularly fraught. Liquidity in the interbank market is very poor, leading to greater than normal price swings with no reason beyond supply and demand at a particular moment in time.
