ADP NFP only 169K – USD falls
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ADP NFP only 169K – USD falls

Bad news for the US economy: according to ADP, only 169K private sector jobs were added. This is significantly worse than expected. In addition, last month’s figure was revised to the downside: 175K instead of 189K originally reported.

The USD is lower, with EUR/USD climbing to 1.1260, GBP/USD rising to 1.5240, USD/JPY ticking lower to 119.60, USD/CAD is battling 1.20, AUD/USD has settled above 0.80, and NZD/USD is climbing towards 0.75.

— more coming

Private  sector jobs were expected to rise by  200K in April in the reported from Automated Data Processing (ADP). In March, they reported a disappointing gain of 189K, and this served as a hint for the poor NFP that followed.

The US dollar was not getting a lot of love before the publication. EUR/USD traded around 1.1220, GBP/USD above 1.52, USD/JPY around 119.80, USD/CAD at 1.2025, AUD/USD around 0.80 and NZD/USD  just under 0.75.

The ADP report is not always fully correlated with the private sector component of the NFP, but it always moves markets.

We will soon receive more data from the US: unit labor costs and non-farm productivity.

More:  EUR/USD: A Buy Signal Or A Warning Signal– JP Morgan, ING

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.