A big beat in the ADP Non-Farm Payrolls: no less than 253K private sector jobs were added in May according to the company. This could raise expectations for the official BLS NFP on Friday. But what does it mean for wages? We will probably have to wait.
But at least for now, the USD is enjoying nice gains across the board.
- EUR/USD is down to 1.12, retreating from an attempt to tackle the cycle highs of 1.1266
- USD/JPY is trading at 111.40, maintaining a safe distance from the 110 handle.
- GBP/USD remains on the back foot at 1.2845.
- USD/CAD is up above 1.35.
- AUD/USD extends its drop to 0.7380.
The weekly jobless claims are coming up soon. The last big hint towards the NFP comes from the ISM Manufacturing PMI, released at 14:00 GMT.
ADP NFP Background
Automated Data Processing was expected to show a gain of 185K private sector jobs in May after 177K in April. This is in line with job gains in previous months. The publication serves as a hint towards the official Non-Farm Payrolls report tomorrow.
The US dollar was recovering ahead of the release, with gains against majors as well as commodity currencies.
See NFP Preview: it’s all about the money – 3 scenarios
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