So what is on the US event/release calendar for today?
- US ADP Non farm payroll change. 8:15 AM ET. Estimate 185K vs 807K last month. The US non farm payroll data will be released on Friday at 8:30 with estimates of145K after last months 199K actual number. The big miss from ADP last month vs the BLS data (805 vs 199K) will likely make the market skeptical of the data this month. The estimate last month for the ADP was about 385K. For the NFP it was around 400K. There have been a number of Fed officials this week who have said they expect NFP to be weak due to omicron this month.
- Canada Building Permits. 8:30 AM ET. estimates are for a -1.6% decline versus a gain of 6.8% last month
- Weekly crude oil inventories will be released at 10:30 AM ET
- OPEC-JMMC Meeting has ended with the recommendation to increase production in March by 400,000 BPD. The OPEC+ meeting has now begun.
- BOC Deputy Gov. Gravelle is due to participate in a panel discussion titled "Canadian benchmark reform – the road ahead" at the International swaps and derivatives Association virtual conference
- BOC Macklem is scheduled testify, along with Senior Deputy Governor Carolyn Rogers, before the Senate Committee on Banking, Trade and Commerce at 3 PM ET
On the earnings calendar after the close Meta (Facebook), Qualcomm, Spotify, and T-Mobile are scheduled to announce earnings. Amazon will release tomorrow after the close completing the "big name" cycle for this earnings quarter.