ADP reported a gain of 133K in the US private sector. Estimates were for a gain of 145K. This is a small disappointment, especially as the figures settle on lower ground – under levels of around 200K seen earlier in the year.
EUR/USD traded just above 1.24 before the publication and edged up to 1.2410 afterwards. USD/JPY held on to 78.70 and dipped below this level after the publication. Currencies are awaiting more important US releases due very soon. Updates: Gains in EUR/USD were reversed before the GDP and jobless claims were released..
The initial report for last month stood on a gain of 119K and was now revised to 113K. It was quite a disappointment last time as well and was followed by a disappointment in the official Non-Farm Payrolls.
This report is not always a good indicator for the private sector segment in the official Non-Farm Payrolls report. Nevertheless, it is a significant market mover does indicate changes in trends in the job market.
See how to trade the Non-Farm Payrolls with EUR/USD.
The calendar is busy with the release of the weekly jobless claims and the second release of GDP for Q1 2012, which is expected to be revised to the downside.
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