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Markets positioned defensively for ADP and GDP data
ADP is America's largest payrolls provider, making its private-sector jobs report a leading indicator toward the official Nonfarm Payrolls. That holds despite a low correlation between the two. After JOLTs job openings missed estimates, investors may expect lower figure than the one which appears on the economic calendar.
Gross Domestic Product (GDP) is the widest measure of economic activity – and the first release has the biggest impact on markets. The US economy has been outperforming its rich-world peers in recent years. In the second quarter, America's economy grew at an annualized clip of 3%.
While the calendar points to a similar outcome, the Nowcast from the Atlanta Fed was downgraded to 2.8% from 3.2% in the latest read released on Tuesday.
All in all, markets are positioned for a not-too-great set of data points. That opens the door to an upside surprise.
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