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TD Securities is optimistic about the US economic data being released today. 

Key quotes

“We forecast the ISM non-manufacturing index to rise modestly to 55.3 in Jan following an already-strong 54.9 print in Dec. If confirmed, this should further support USD dominance over low-yielders such as the EUR.”

“We anticipate a strong surge in ADP employment for Jan at 230k, up from 202k, and expect the trade deficit to have widened to USD 48.8bn in Dec.”

“In Canada, international merchandise trade for December will give an update on Q4 growth conditions, with TD looking for the trade balance to narrow from -$1.1bn to a modest $100m deficit on the strength of exports (market: – $600m).”