What are the main events for today?

In the European session we only have the Eurozone PPI data which isn’t a market moving release in general. The main events will be in the American session as we have Fed’s Waller speaking, the US ADP data release and later in the day the FOMC Meeting Minutes.

13:00 GMT/08:00 ET – Fed’s Waller (neutral – voter)

Federal Reserve Board Governor Christopher Waller speaks on the economic
outlook before a Lectures of the Governor event hosted by the
Organisation for Economic Co-operation and Development (OECD), in Paris,
France. Waller is a key Fed governor because he’s been a “leading indicator” for changes and signals in Fed’s policy.

13:15 GMT/08:15 ET – US December ADP

The US ADP is expected at 140K vs. 146K prior. Although the ADP has a poor track
record in predicting the NFP, the market’s sensitivity to labour market
data makes it a market moving event. I don’t see the market repricing the rate
cuts expectations further based on labour market data though (unless it’s too hot). The main event
this month will be the US CPI due next week.

This article was written by Giuseppe Dellamotta at www.forexlive.com.