A slightly better than expected gain in private sector jobs: 135K according to ADP. The number is still significantly lower than in previous months, but the hurricanes can be blamed. The figure for August was slightly revised lower, from 237K to 228K.
The US dollar gains a few pips across the board, erasing some of its previous losses.
ADP was expected to report a gain of around 125K private sector jobs in September, much lower than 237K they reported for August (before revisions). The expectations for a significant slowdown is related to the hurricanes that battered the US. The indicator is a significant market-mover, even though it does not always reflect the actual numbers in Friday’s official Non-Farm Payrolls.
The US dollar was slightly lower ahead of the publication, taking a breather after the big gains seen in recent weeks.
- EUR/USD traded around 1.1767 despite the growing tensions in Catalonia.
- GBP/USD recovered to 1.3275, also thanks to an upbeat service PMI.
- USD/JPY was trading around 112.50, getting further away from 113.
- USD/CAD reached 1.2466, below 1.25 amid stable oil prices.
- AUD/USD was trading around 0.7860, refusing to drop after the RBA decision.
Speculation is mounting about the next Chair of the Federal Reserve. According to reports, there are four candidates: incumbent Janet Yellen, Kevin Warsh, Gary Cohn and Jerome Powell.
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