A very small miss in the ADP NFP report for the private sector: 212K jobs gained in February. ADP tends to underestimate private NFP by around 30K, but this is not 100% consistent. And now, we have a significant upwards revision in the ADP NFP for January: 250K instead of 213K originally reported. All in all, this is good news: the US is creating jobs at a solid pace.
After an initial strengthening, the US dollar is moving down: EUR/USD is up above 1.1130. The moves are not huge. We have another important hint ahead.
The ADP Non-Farm Employment Change for the private sector was expected to show a gain of 219K jobs in February after 213K in January. This serves as a hint towards the official Non-Farm Payrolls report on Friday.
Towards the publication, the dollar was doing well against the euro and the pound but not against the rest.
EUR/USD hovered around the lows, at 1.1130, GBP/USD traded around 1.5350, USD/JPY at 119.55, AUD/USD at 0.7844, NZD/USD around 0.76 and USD/CAD at 1.25.
Earlier this week, the ISM Manufacturing PMI disappointed with a low headline number and a weak employment component. Later today, at 15:00 GMT, ISM releases its non-manufacturing PMI (aka services), which has an even higher importance.
Join a webinar at 14:00 GMT: Preparing for the ECB and NFP with EUR/USD
Share
