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…
But the reaction is clear…
Dow futures are testing 2014 lows…
Once again – as a gentle reminder – here is a chart showing how crucial this surprise in ADP is to Friday’s NFP surprise…
Charts: Bloomberg and @Not_Jim_Cramer
via Zero Hedge http://ift.tt/1cUs9A9 Tyler Durden