Better than expected jobs data from the US: a gain of 216K private sector jobs in November, according to ADP. The good news is somewhat offset by a downgrade for October’s data: a gain of only 119K against 147K originally reported.
The US dollar advanced a bit, but the moves are limited.
The private sector Non-Farm Payrolls report was expected to show a gain of 165K in November, according to Automated Data Systems. They showed a gain of 147K gains in October (before revisions).
The ADP NFP is considered a hint towards the official Non-Farm Payrolls report on Friday. While the precision of the correlation is questionable, this early report has its own merit, and always moves markets.
The dollar was experiencing a correction, this time a more significant one, as an excellent month of November draws to a close. Such end-of-month moves are quite common.
We will later get the Fed’s favorite inflation figure: the Core PCE Price Index, as well as the ISM Manufacturing PMI. The latter is another hint for the NFP. This time, the more important services sector report is published only on Monday.
More: Upcoming events: NFP buildup and OPEC showdown [Video]
Here is the EUR/USD chart:
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