S&P 500 futures
Tech shares are leading the charge with Nasdaq futures seen up 0.8% at the moment. But the better mood in general is also driving European indices a little higher on the session. The DAX is up 0.2% while the CAC 40 is up 0.3% at the moment. The better risk mood is weighing slightly on the dollar with EUR/USD seen up 0.2% to 1.0878 and AUD/USD up 0.3% to 0.6523 currently.
In terms of risk events today, we will have Fed chair Powell’s testimony in Congress and also the US ADP employment data. The former is likely to be a non-event as Powell is expected to retain a more hawkish stance for now. He should reaffirm that rate cuts are on the table for later this year but not so much an option for the next month or two.
As for the ADP numbers, it’s once again a small bet at the roulette table before we get to the non-farm payrolls on Friday.