ECB Hike Priced In as Markets Eye US Jobs Data

The European market session is quiet today, with only low-tier releases from Spain and Italy. The ECB's decision to hike interest rates at its upcoming meeting has already been priced in by the markets, and any further tightening is seen as unlikely.

In contrast, the American session will see significant data releases. The ADP report is expected to show a 47K increase in jobs, but this may not have a major impact on market expectations if it comes in line with previous numbers.

The Bank of Canada's rate decision is also highly anticipated, with traders looking for any changes in language that could indicate a shift towards dovish policy. The BoC has previously mentioned the negative effects of a trade war and its potential to require rate cuts.