Precious metals had begun to jump higher before the ADP data hit but once it did - and disappointed - gold and silver spiked (over $1,270 and $20 respectively). Equity markets kneejerk reaction was a spike higher which immediately faded into a crash to recent lows. Dow futures are testing 2014 lows - as are S&P 500 futures. 10Y Treasury yields touched 2.60%; Nikkei futures are once again testing 14,000 as USDJPY breaks below 101.
JPY is in charge as usual - and USDJPY broke 101 again...
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But the reaction is clear...
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Dow futures are testing 2014 lows...
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Once again - as a gentle reminder - here is a chart showing how crucial this surprise in ADP is to Friday's NFP surprise...
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Charts: Bloomberg and @Not_Jim_Cramer