The US dollar snapped its recent winning streak in light and fluky trading overnight. The slip came despite Yen weakness after the Bank of Japan lowered its inflation forecast yesterday. Share markets were in at least two minds, and many major indices crossed the session breakeven point twice as the debate over global growth prospects raged on. Commodity traders were more decisive, lifting industrial metals and agricultural commodity prices.

Analysts had a busy night as the US reporting season hit full stride. Ford missed forecasts spectacularly, and lowered future guidance on the back of a major re-structuring. On the other hand both United Technologies and Synchrony Financial impressed. As the season approaches the 20% level sales growth around 7% is producing profit growth of around 14%, providing overall support for US indices.

The market argument over growth will find firmer footing as preliminary readings on January manufacturing and services activity around the globe drop over the next twenty-four hours. Australian investors will look to today’s employment data for guidance. Forecasts of eighteen thousand new jobs should result in a steady unemployment rate but the notoriously volatile series could deliver a market moving result.