Morning Juice – US Session Prep
Morning, Traders!
It is Wednesday the 5th of June, as US employment report week continues, and the Bank of Canada announces the result of its latest policy meeting.
Here are some things to look out for today.
Sentiment
Stocks rose slightly this morning on speculation that a cooling economy would allow the Federal Reserve to lower interest rates this year. Treasuries halted a rally that had resulted in the largest two-day drop in yields this year.
Markets are shifting their focus to a slew of labor-market readings this week, including Friday’s US jobs report, for more clues on when the Fed will cut interest rates.
Private payroll figures and the most recent reading on the US services sector are scheduled for release today.
Docket
08:15 ET
US ADP Employment Change for May
Median Forecast: 175K | Prior: 192K | Range: 190K / 120K
09:45 ET
BoC Interest Rate & Rate Statement
Median forecast sees the Bank of Canada cutting interest rates by 25bps to 4.75% from 5%
US S&P Services PMI May Final
Median Forecast: 54.8 | Prior: 54.8 | Range: 59.6 / 51.5
10:00 ET
US ISM Services PMI for May
Median Forecast: 51 | Prior: 49.4 | Range: 52.5 / 49
10:30 ET
Weekly EIA Crude Oil Inventories
Median Forecast: -2.3M | Prior: -4.156M | Range: 1.5M / -3.51M
Speakers
10:30 ET
BoC Press Conference with Governor Macklem
Good luck!
