ADP Non-Farm Payrolls 218K – below expectations

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Not all is well in the US job market: ADP Non-Farm Payrolls stands at 218K in July, below expected. Automatic Data Processing was expected to show a gain of 230K private sector during the month of July. There has been a stronger correlation between the ADP number and the NFP private sector figure in recent months.

The dollar was on the roll towards the publication: EUR/USD was struggling to hold above 1.34, GBP/USD was down to around 1.6923 and USD/JPY is around 102.25. Currencies are relatively stable, probably awaiting for the GDP release.

Update: GDP at +4.0%, much better than expected.

This is not a huge miss. Last month saw 281K before revisions.

The publication serves as a more important than usual hint towards Friday’s Non-Farm Payrolls. The reason is that this time the NFP is released on August 1st, so not too many indicators precede it: less hints means more importance for those indicators that are actually released.

Just 15 minutes after this release we have an even more important one: the first release of US GDP growth for Q2.

See how to trade the US GDP with GBP/USD

And lest we forget, at 18:00 GMT we have the FOMC decision. A 6th taper is expected to $25 billion and the focus is on the statement.

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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