Compare the (jobs) markets.com.... SIMPLES!!!

So all and sundry seem to be eyeing usd/jpy upside now. And 1m riskies traded at flat last week for the first time in a good long while. Throw in the fact that year end effects are of course a very finite phenomenon and whaddayaget?

Well, in the end, probably not as many fireworks as people think. No-one on the street seems to want to be caught short gamma from what I can see, so that will have a natural dampening effect. And of course today's ADP print took a fair bit of the starch out of the (pre NFP) market.

For those that follow the usual path of talking about correlation (or lack thereof) between ADP and NFP headline numbers, while many naysayers have bemoaned the short term lack of a hard, fixed link between these two measures, just taking a step back and having half an eye on the long game shows that ultimately it's still a close enough relationship. 12m correlation runs in the high 90s at present and with everyone geared up for both an illiquid day and a positive print in a couple of days time, we may well yet see a 'Freaky Friday' if things don't turn out the way they should.......