ADP Non-Farm Payrolls misses at 189K – USD slides
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ADP Non-Farm Payrolls misses at 189K – USD slides

A big disappointment in the US labor market: ADP reports a gain of only 189K jobs in the private sector in March. This lowers the bar for Friday’s NFP. February’s number stood on 214K, revised up from 212K.

And it lowers the value of the dollar, which retreats after gaining beforehand.

EUR/USD  rises to 1.0775, GBP/USD edges closer to 1.48 and USD/JPY slips below 120. AUD/USD strengthens around 0.7610, NZD/USD is around 0.7440 and USD/CAD trades around 1.2650.

The ADP report for the private sector was  expected to show a gain of around 230K non-farm jobs in March. This is a significant hint towards Friday’s Non-Farm Payrolls.

The US dollar enjoyed some strength in the wake of the new quarter.

EUR/USD traded around 1.0750, GBP/USD under 1.48 and USD/JPY around 120.

Later on we have the ISM Manufacturing PMI. Its employment component also serves as a lead towards the NFP. However, the services sector is much larger and we’ll get that figure only next week, after the fact.

It is important to note that market liquidity is relatively low due to the upcoming Easter holiday in many financial centers.

After  quite a few long weeks of disappointing US figures, we had some beats of late. The latest was the upbeat consumer confidence, which topped 100 points according to the Conference Board.

More:  How High Can The USD Go? EUR/USD to 0.98 by year end – Barclays

Yohay Elam

Yohay Elam

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.