The US private sector gained only 38K jobs in May, according to ADP. This falls short of early expectations for a gain 177K jobs. The “safe haven” currencies soar against the dollar: USD/JPY drops sharply and USD/CHF digs deeper into fresh all-time lows. Other currencies move more slowly. This is a bad sign for the official Non-Farm Payrolls on Friday. This is a huge disappointment. EUR/USD is moving up as well, but is still far from the 1.4450 resistance line. GBP/USD is experiencing an even more limited move. But the low yielding, “less risky” currencies are moving sharply: USD/JPY lost 40 pips instantly, and is now at 80.90. USD/CHF is digging deeper into unchartered territory, currently at 0.8433. Last month, 179K jobs were gained. This was weaker than 200K estimated. The dollar then fell across the board, including against the euro. Despite that disappointment, the official Non-Farm Payrolls report was far better than expected, showing an astonishing gain of 244K jobs. So, ADP isn’t always the best indicator for the official number. All in all, the world is slowing down. This was seen in weak Manufacturing PMI from Britain, as well as from China. Australia’s first quarter was horrible, with a big contraction of 1.2%. Also Germany, the powerhouse of the European Union, saw worrying signs in quite a few indicators: retail sales, factory orders and unemployment. For more on EUR/USD, see the Euro to Dollar forecast. 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. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next ISM Manufacturing PMI Dives – Risk Aversion Continues Yohay Elam 12 years The US private sector gained only 38K jobs in May, according to ADP. This falls short of early expectations for a gain 177K jobs. The "safe haven" currencies soar against the dollar: USD/JPY drops sharply and USD/CHF digs deeper into fresh all-time lows. Other currencies move more slowly. This is a bad sign for the official Non-Farm Payrolls on Friday. This is a huge disappointment. EUR/USD is moving up as well, but is still far from the 1.4450 resistance line. GBP/USD is experiencing an even more limited move. But the low yielding, "less risky" currencies are moving sharply: USD/JPY lost… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
