The private sector gained 201K jobs in May according to ADP. This was within expectations. April’s number was slightly revised to the downside: 165K instead of 169K originally reported.
The dollar is slightly stronger after the publication, with EUR/USD ticking down to 1.1110. GBP/USD is at around 1.5280, USD/JPY just above 124.50, AUD/USD at 0.7765, USD/CAD at 1.2454 and NZD/USD at 0.7130.
Automatic Data Processing (ADP) was expected to report a gain of 198K private sector jobs in May after it reported a disappointing gain of only 169K jobs in April (before revisions).
The dollar was on the back foot towards the publication, continuing to suffer the sell-off seen yesterday.
The ADP report is an important hint towards Friday’s Non-Farm Payrolls, even though it is not always correlated. Later today we will get another hint: the ISM Non-Manufacturing PMI and its employment component. The services sector is the largest in the US.
The first hint was positive: manufacturing PMI beat expectations. However, yesterday’s data points fell short of expectations with factory orders slipping.
Market are currently focused on the ECB press conference which always has a big impact on EUR/USD.
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