The dollar remains on the back foot even as the Fed minutes expressly commented on the potential impact of fiscal stimulus in their minutes released yesterday afternoon. ADP employment change this morning hit the dollar hard, extending yesterday’s losses. The release showed that private businesses hired 153k workers in December, well below market expectations of 170k and down from the November figure of 215k. This makes tomorrow’s non-farm payrolls report even more crucial for the USD – any weakness could increase dollar selling before the weekend.

The rise in oil this morning is supporting oil-linked currencies, chiefly the Russian Ruble. USD/RUB dropped below the 60 mark for the first time since July 2015.

A slew of data for Canada will be released on Friday, this could be a catalyst for CAD movement which has been broadly following the moves in oil prices.  Balance of Trade and PMI are on the schedule, but an interesting figure to watch will be the employment figures. Analysts are expecting the employment change to fall by 5k, the indicator has been on a downward track since peaking in September.

EURUSD:  Euro is taking the gains from a weaker USD, trading above 1.05 after peaking overnight.

GBPUSD:  When PMI exceeded expectations, the pound remained unmoved. GBP remains stubbornly range-bound despite political buzz from the Brexit camp.

AUDUSD: Mixed across the overnight session, AUD is reaping the benefits of USD weakness to pull higher this morning.

USDCAD: Curiously, we are seeing a slightly stronger dollar from overnight lows, but the moves have been marginal so far. Waiting for employment figures from both countries tomorrow morning.