The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
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MACRO - After a soft close to equities yesterday it looks like futures are starting the day unchanged. Interest rates seem to have stabilised a bit here which puts us at 441/374/363/384bps across 2/5/10/30y. Today we got ADP employment data which came in at 278K vs consensus of 170K...a big beat and yet another sign that the labour market remains incredibly sticky. Initial jobless claims came in at 232k vs 235k so mostly in line. Interesting to see markets not responding much to these numbers but perhaps if we see a similar trend for payrolls we'll get a bigger move. Later this afternoon we'll also get ISM data for manufacturing.
CRYPTO - Price action is kinda meh with BTC losing a bit of steam here dropping back below 27K to a price of 26.9K. ETH is basically unchanged at 1865 while alts actually seem to be having an OK session by the looks of it with things generally up about 3-5% across the board. Nothing more to add here on the crypto front other than I'm hoping we get some volatility into tomorrow's payroll number.
NFTs - A decent uptick in volumes yesterday which saw $37m trade in the market. The biggest winner has been Opepen Edition which has climbed 26% to a price of 1.11ETH on just under 1K ETH of volumes, while Checks and VV Originals are both up a similar amount and approaching a 1ETH floor. It continues to be Jack Butcher SZN. Price action away from that is kind of benign and it feels like many projects are facing a slow bleeding death...kind of like death by a thousand cuts really with the blur farming still going on.
GL today!
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