The DAX is trading lower all morning because of weaker than expected January factory orders. Crude/ Brent Oil are catching a bid this morning as there was a decrease in US gasoline inventories data and the USD has been under heavy selling pressure. It amazes me the rally the EUR/USD had in January from the (lows of $1.26). The reason I say that is because of the horrible data out of German non-Eurozone factory orders last night.
Today, markets are awaiting the all important US ADP employment revisions. Also, DOE oil inventory number will be announced at 1015 am.
By Greg Zimny