Home ADP Plummets – Dollar Falls

The  ADP Non-Farm Employment Change fell by 693,000 jobs! This devastating number was far more than a drop of 495,000 that was expected.

Following this bad news, the dollar fell against most currencies: EUR/USD at 3701, GBP/USD crossed the 1.50 mark and is now at 1.51, USD/CHF under 1.10 at 1.0924 and USD/JPY at 92.65. All quotes are at the moment of writing.  

Despite being the “minor” unemployment figure related to Friday’s Non Farm Payrolls, such a big fall shocked the market, which is still on the move.

This ADP Non-Farm Employment data indicates that the American economy is in even a worse condition than known up to now. The tool of lowering interest rates has been exhausted. Printing money, also knows as Quantitative Easing is what’s left for the Federal Reserve to fight recession.

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.