A small disappointment from the US: the country added 204K private sector jobs in August according to ADP. LAst month’s figure was revised down from 218K to 212K now.
Automatic Data Processing was expected to report a gain of 218K private sector jobs in August, the same as it reported in July (before revisions). This is the first of three hints that we get today towards the Non-Farm Payrolls report tomorrow.
The dollar was stronger across the board and especially against the euro after the surprise ECB cut.
Update: Draghi announces sizable ABS – EUR/USD dips below 1.30
The correlation between the ADP figure and the private sector part of the official Non-Farm Payrolls is not always there, but the figure is always a market mover.
See how to trade the NFP with EUR/USD
The focus today is on the ECB and US events are somewhat overshadowed, even though they are top tier events. In 15 minutes we have the weekly jobless claims, which are expected to remain just under 300K and then at 14:00 GMT, the ISM non-manufacturing PMI for August will provide a last hint. The employment component is important to watch out for.
And then ECB surprises with a 0.15% rate cut – EUR/USD free falls
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