FX Action: More dollar weakness FX Action: More dollar weakness followed the softer Markit services PMI, resulting in EUR-USD printing the 1.1000 handle, and USD-JPY crash through 119.00 to 118.64 lows. It remains to be seen if the 10:00 EST non-manufacturing ISM release will corroborate.
Stocks open higher as oil rebounds Stock futures were modestly higher throughout the pre-market trading session, leading to a higher open for the broader market. The ADP employment change report had a positive effect on the futures, as did positive comments from Bill Miller of LMM and Bill Dudley of the N.Y. Federal Reserve. Investors will be watching the Department of Energy inventory reports scheduled for release at 10:30 am ET this morning to see if they cut into the rebound in oil being seen early in the day. In early trading, the Dow is up 63 points, the Nasdaq is up 2 points and the S&P is up 5 points.
PMI Services Index Level data reported January PMI Services Index Level at 53.2 vs. consensus of 53.7