httpvh://www.youtube.com/watch?v=qTm55nSSxLI

• ADP falls to -23k unexpectedly, NFP expectations moderated lower
• Short covering moves GBP higher
• German unemployment better than expected
• IMF believe NZD overvalued by 10-25%

All this and more is available on our blog. Click here  http://www.worldfirst.com/blog

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March comes in like a lion but leaves like a lamb. While this may be true in meteorological circles it is not the case in the markets. Volatility continued unabated yesterday with GBP moving to new 1 month highs against both the USD and EUR.

The ADP employment change figure was yesterday’s most important release however it disappointed the bullish market expectations. According to the report employers cut 23k jobs as opposed to a hiring of around 30k. This had led analysts to temper their expectations of tomorrow’s Non-Farm figure from an average of +190k to +184k.

Sterling has been helped overnight by more short covering. This, as we explained yesterday, is the market exiting positions to sell sterling by re-buying it and causing it to rise. I wouldn’t be surprised if the interview that David Cameron gave yesterday night in which he asserted that he “is ready for No.10″ also bucked sterling up slightly.

The euro moved higher yesterday against the dollar as German unemployment figures surprised to the positive while the ECB’s last long term refinancing operation came in lower than expected. The dollar was sold heavily yesterday as quarter-end fixings took place and profit taking was high across all asset classes.

Data today includes manufacturing PMIs from Germany and the UK ahead of this afternoon’s initial jobless claims. We also have ISM manufacturing from the US at 15.00