The big story reverberating through markets in North America has been the big rally in USD that kicked off to the minute with ECB President Draghi’s press conference where he confirmed his plan to continue to ramp up asset purchases, expanding soon to asset back securities form covered bonds while a rumoured revolt against President Draghi’s leadership style failed to materialize. The USD rally occurred in tandem with a big breakdown for EUR against USD and JPY as the ECB followed by Bank of Japan more firmly into the stimulus camp. This spike sent gold and oil sharply lower although both held recent support and were able to whittle away at their losses through the day. AUD, NZD and JPY were not immune, but fell less against USD than their European counterparts. CAD had a choppy day buffeted by the USD, oil price selloff, and mixed Canada data as building permits were really good, and Ivey PMI really poor. The news wasn’t all bad in energy trading, natural gas staged a major breakout and soared to a 5% gain as forecasts for a colder than usual November increased seasonal demand estimates. Stocks rallied in Europe on speculation of more ECB stimulus, and while North American indices were up on the day, the rallied at a slower pace and seemed less enthusiastic. This appears to be due to some reluctance on the part of traders to overcommit to either side ahead of Friday’s US nonfarm payrolls report, unwilling to get caught too far out on a limb. . Although there are a few trade and industrial reports due out from Europe on Friday, the stage appears to be pretty much clear for the North American employment reports to dominate the news through the end of the week. With ADP payrolls and jobless claims indicating the US job market is holding up, another 225-250K increase in jobless claims appears likely. It would take either a print above 250K, a big upward revision to last month or a number under 200K to surprise the street at this point. Canada jobs, on the other hand, are expected to show a small decline which is normal after a huge increase last month. Corporate News Walt Disney $0.89 vs street $0.88 First Solar $0.61 vs street $0.63, maintains $2.40-$2.80 FY guidance Nvidia $0.31 vs street $0.28 CSC $1.18 vs street $1.01, raises FY guidance to $445-$4.65 from $4.35-$4.55 Economic News Significant announcements released overnight include: The OECD updated many of its GDP growth forecasts today World 2014 3.3% 2015 3.7% US 2014 2.2% 2015 3.0% Eurozone 2014 0.8% 2015 1.1% Japan 2014 0.9% 2015 1.1% China 2014 7.4% 2015 7.0% UK monetary policy decision no change to interest rate or QE as expected ECB monetary policy decision no change to interest or deposit rate as expected US jobless claims 278K vs street 285K US natural gas 91 BCF vs street 86 BCF Canada building permits 12.7% vs street 5.0% Canada Ivey PMI 51.2 vs street 57.3 UK GDP estimate 0.7% as expected UK Halifax house prices 8.8% vs street 9.1% UK industrial production 1.5% vs street 1.6% UK manufacturing production 2.9% vs street 2.8% Germany factory orders (1.0%) as expected Upcoming significant announcements include: 7:00 am GMT Germany trade balance street €19.0B 7:00 am GMT Germany industrial prodn street (0.6%) 7:50 am GMT France industrial production street (0.4%) 8:00 am GMT Spain industrial output street 0.7% 9:00 am GMT Norway industrial production previous 2.3% 9:30 am GMT UK trade balance street (£2.3B) 8:30 am EDT US nonfarm payrolls street 235K vs previous 248K 8:30 am EDT US private payrolls street 225K 8:30 am EDT US unemployment rate street 5.9% 8:30 am EDT US average hourly earnings street 2.1% 8:30 am EDT Canada employment change street (5K) vs previous 74K 8:30 am EDT Canada full time jobs previous 69K 8:30 am EDT Canada part time jobs previous 5K 8:30 am EDT Canada unemployment rate street 6.9% FOMC members Yellen, Evans and Tarullo speaking through the day