Mood improves after ADP
If volatility breeds contempt then this market is slowly falling out of favor. We've seen big swings from positive to negative daily and vice versa but it's not over yet.
The sour mood in markets is unwinding to some extent after a good ADP employment report and an easing in gas prices. I doubt those factors drove the move and would look more to stabilizing Treasury yields but there are no easy answers here.
Price action shows some level of intraday exhaustion among the sellers followed by a nice bounce. Here's AUD/USD, which tracks it nicely.
