ADP Shows Gain of 91K Private Sector Jobs in August

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The ADP Non-Farm Payrolls indicator has shown a gain of 91K jobs in August, only marginally lower than a rise of about 100K that was expected, but a good result all in all. Currencies don’t see big changes following this release. EUR/USD is somewhat weaker, but still in range.

Last month’s gain of was revised from 114K to 109K, also a very marginal change. A similar rise in the officials Non-Farm Payrolls is expected on Friday.

The official NFP consists of both private and public sector jobs, and always rocks currencies.

EUR/USD has traded in a balanced manner throughout the day. The slightly dovish meeting minutes from the FOMC weigh on the dollar, while the worries regarding the Greek bailout and the stability of the European banking system weigh on the euro.

Support for the pair is at 1.44, followed by 1.4330. Resistance is at 1.4480, followed by 1.4520. For more on EUR/USD, see the euro dollar forecast.

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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 the 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.

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