N.Y. FX Outlook
N.Y. FX Outlook: EUR-USD remained firm overnight, with impact from Tuesday's report that the ECB was considering tapering its asset purchases at some point. USD-JPY has been supported by hawkish Fedspeak since Monday, topping the 103.00 level for the first time in three weeks. Cable meanwhile, broke under 1.2700, its lowest level in 31-years. The economic calendar picks up the pace today, and will feature the September ADP employment survey. Analysts expect private payrolls will increase by 160k versus the prior 177k outcome. The data will prime the markets for Friday's key BLS employment report. The August trade report should reveal a $43.4 B deficit, as compared to July's $39.5 B shortfall. The September services ISM is forecast to have risen to 53.5 from 5.14, while August factory orders are expected to fall 0.3% from the 1.9% increase in July. Weekly MBA mortgage and oil inventory figures are also on tap.