Key US data was strong overnight - ANZ

Analysts at ANZ explained that the US data was strong overnight. 

Key Quotes:

"ADP employment and GDP data came in well above expectations. ADP job gains beat expectations (manufacturing +33k, services +204k) and also featured upward revisions, boding well for Friday’s non-farm payrolls (180k exp.)."

"Q2 GDP second look came in stronger than expected at 3.0% saar (mkt: 2.7%) due primarily to higher-than-expected consumption (3.3%) and gross fixed capital formation (3.6%) (further comments below)."

"German CPI data also surprised mildly to the upside (0.2% m/m, 1.9% y/y), for a third consecutive month of decent increases. With activity data firming and inflation looking slightly better the risk remains the ECB rhetoric gets more hawkish rather than dovish."