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The second signal towards the Non-Farm Payrolls is a miss: only 154K private sector jobs were gained in September according to ADP. The figure for August was marginally revised down to 175K.

This disappointment does not seem to derail the greenback’s strength, at least not initially. The US dollar loses only a few pips in the immediate aftermath. Update: after a few minutes, the greenback even gains ground against the euro and the pound.

ADP was expected to report a gain of 166K private sector jobs in September, slightly lower than 177K reported in August, before revisions. While the correlation between this report and the actual  gain in private sector positions is not always correlated, the publication always moves markets.

The dollar remained dominant ahead of the release, extending its gains against the yen, consolidating the move against the pound and  solidifying advances seen elsewhere.

Later today we will get another hint towards the Non-Farm Payrolls: the ISM Non-Manufacturing PMI. The services sector report today follows a beat in the parallel manufacturing sector report.

Taper talk regarding the ECB’s QE program gave a temporary boost to the euro, but this faded away, as we explained. Here is the range-bound EUR/USD: