Kind of a boring night really, unless you were long Nymex crude from the other night or short Aussie dollars at the wrong level. But US data disappointed overnight and this morning the Fed’s Beige Book Mentioned ‘Weather’ 119 Times which implies that the Fed thinks that the weaker data is a result of natural not economic forces which also implies a continuation of the taper unless they are convinced otherwise. Specifically in the US the Markit Services PMI (53.3) and the ISM non-manufacturing PMI (51.5) both undershoot expectations along with the ADP employment number which printed 139,000 against expectations of ... (full story)