New York trading is unlikely to be driven by economic data but there are a few things on the schedule.
Up first, at the bottom of the hour is Canada’s industrial product price (PPI) for December.
It’s quiet until 9:50 am (1450 GMT) when the Fed’s Bullard speaks about economics in Delaware. He’s been pining for rate hikes lately and has forsaken his faith in breakevens.
Ten minutes later the Dec US factory orders report is due. The durable goods data is revised in this release and that could be significant because the reading was extraordinarily weak and some economists were skeptical.
At the same time, the lowly IBD/TIPP economic optimism survey is out and expected to remain steady at 51.5. It’s rarely a market mover.
On the other side of the Fed spectrum, Minneapolis Fed dove Kocherlakota speaks at 12:45 pm ET (1745 GMT).
The grand finale is Q4 New Zealand jobs data at 4:45 pm ET 2145 GMT.
See our economic calendar for more.
Market moves early include a break higher in oil prices to $51.55 but it has pared back to $50.66. The bond market is selling off with 10-year Treasury yields up 5.6 bps to 1.72.
In the FX market, Greg notes that the pound is the top performer today while the Australian dollar lags after yesterday’s rate cut. Note, however, that the Aussie is now trading at the highest level since the decision as it climbs to 0.687 from as low as 0.7626.