The US private sector gained 214K jobs in February according to ADP, better than expected. However, in January we got a downwards revision of 22K down to 193K.
The USD likes it in the initial reaction.
The jobs report from Automated Data Processing (ADP) was expected to show a gain of around 190K positions in February, lower than 205K seen in January (before revisions). This is a significant hint towards the Non-Farm Payrolls report on Friday.
The US dollar was looking good against the euro and the yen but weaker against others.
Yesterday, the ISM Manufacturing PMI came out better than expected but still showed contraction. Tomorrow we’ll get the ISM Non-Manufacturing PMI.
Currencies
- EUR/USD was pressured ahead of the ECB meeting.
- GBP/USD enjoyed a recovery despite a weak construction PMI.
- USD/JPY advanced on the lack of safe haven flows.
- USD/CAD was battling the previous support line of 1.3460 as oil prices came off the boil.
- AUD/USD continued enjoying the excellent GDP report.
- NZD/USD traded towards the lower end of the 0.6550 to 0.67 despite a rise in milk prices yesterday.
More: Strongest Seasonal FX Patterns In March – ANZ
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