It is a Wednesday on a non-farm payrolls week. And that typically means we should observe the US ADP roulette. However, not this week at least. Monday featured a US holiday so the timeline for data releases are pushed back a little. That will see the ADP employment data only come out tomorrow instead.
As such, that will keep the focus today on the Bank of Canada policy decision and the US JOLTS job openings.
The former is going to be very interesting now after the selloff in risk yesterday especially. Market players are starting to get back into that phase of kicking and screaming. A 50 bps rate cut surprise might just help to pacify them for a while. But keep in mind that traders are only pricing in ~20% odds of a 50 bps move today.
