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ADP Non-Farm Employment Change showed a gain of 91K jobs in the private sector, higher than 76K that was expected. This rise triggers a small risk rally with the euro gaining against the dollar and the yen falling against it.

It’s important to note that ADP doesn’t necessary go hand in hand with the official Non-Farm Payrolls due on Friday.

Apart from the Japanese yen, the only “safe haven” left out there, all other currencies are rising against the dollar. The moves are somewhat limited for two reasons: the gain in jobs is nice but not extraordinary, and the market is awaiting the important ISM Non-Manufacturing PMI due at 14:00 GMT.

Update: the gains in EUR/USD were erased.

Last month’s figure underwent a small revision, from 91K to 89K.  Earlier, the  Challenger Job Cuts disappointed with a big jump in layoffs: 211.5%. This spike followed a big rise last month.

On the other hand, ISM Manufacturing PMI provided an upside surprise, rising from 50.6 to 51.6 points. The employment component in this report also improved, and provided hope for the Non-Farm Payrolls.

Later today we have the ISM PMI for the larger services sector. It is expected to edge down from 53.3 to 53 points. See how to trade this event with EUR/USD.