Mr. Market expects 208,000 private sector jobs to have been created in January.
Focus is more on the Greek debt swap than US employment at the moment, with a “credit event” looking increasingly likely. Greece is said to be preparing to trigger collective action clauses to bring the matter to a conclusion, allowing the second bailout cash to begin to flow.
The euro trades with an offered tone as traders weigh the unintended consequences of CDS being triggered on Greek debt. We probably won’t feel all the ripple-effects (if any) for several days.
EUR/USD trades now at .3125 ahead of the data.
