A cooling in jobs in the US private sector according to ADP: a gain of only 208K jobs, worse than 223K expected. This is somewhat countered with an upwards revision of October’s number from 230K to 233K. While this is a disappointment, it doesn’t materially change the picture for the NFP.
The US dollar is marginally lower after the publication with a slide of 1015 pips across the board.
The Employment Change report by Automated Data Processing (ADP) for the private sector was expected to show a gain of 223K jobs in November, after 230K in October before revisions. This is another hint towards the BLS Non-Farm Payrolls report on Friday.
The US dollar was looking good towards the publication, with EUR/USD trading at new 2 year lows of 1.2328, GBP/USD traded around 1.5670, USD/JPY at 119.40, AUD/USD around 0.8425 and USD/CAD around 1.1384.
Recent signs from the US economy have been mixed. For example, GDP growth for Q3 was revised to the upside but a gain in inventories means that Q4 will likely see lower growth.
We later have the ISM Non-Manufacturing PMI (services sector). See how to trade the figure with USD/JPY.
Share
