2 Important Event In New York Session

1️⃣ US Unemployment Claims

As stimulus talks have rambled on without any success for weeks now, the impact that the lack of new stimulus will have on consumer spending can cause significant delays in the overall economic recovery in the US.

If both unemployment claims and continued claims in below the market's minimum expectations. Expect even more reaction if prior numbers are revised lower as well; usual market reaction from this would see risk assets catch a bid alongside the USD, but given the recent inverse correlation between the USD and risk assets, we might see risk assets higher alongside weakness in the USD.

However, if both unemployment claims and continued claims come in above the market's maximum expectations, and also even more reaction if prior numbers are revised higher as well; usual market reaction from this would see risk assets being offered alongside the USD, but given the recent inverse correlation between the USD and risk assets, we might see ris assets lower alongside strength in USD.

2️⃣ US ISM Manufacturing PMI

These prints offer insights into how purchasing manager executives view the state of their industry from the prior month.

If more than half of respondents think things improved from the prior month that would see a print above 50, which point to industry expansion.

If more respondents think things deteriorated from the prior month that would see a print below 50, which points to industry contraction.

The analysts had some solid beats in ISM data recently, and another solid one close to or above the market's maximum expectation should feed into the recent equity upside as well. A miss below minimum expectations, especially on the employment side would probably see some cautious moves from risk assets, however we will need to stay updated with any progress made on stimulus talks.