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ADP Non-Farm Payrolls only +179K – USD slides

A disappointment from the US jbos market: Automatic Data processing reports a gain of only 179K in May. The ADP report  was expected to show a gain of 217K jobs in May after it originally reported 220K in April. This was now slightly revised to the downside, to 215K. The figure is not always fully correlated with the  private sector section of the official Non-Farm Payrolls report on Friday, but it certainly has an impact on the markets.

Before the publication, EUR/USD traded at 1.3620, GBP/USD around 1.6750 and USD/JPY at 102.60. The dollar is on the retreat immediately after the release, but isn’t falling too much– more coming —

ADP says that this is the result of the harsh winter: April saw a big bounce in jobs after the weak numbers beforehand (especially in January) and now we see a bounce back down to average numbers.

There are more interesting figures released today in the US. The trade balance release is coming soon, and it is followed by the more interesting services PMIs.

Markit will release its final services PMI for May after the preliminary release showed 58.4 points. The ISM Non-Manufacturing PMI is predicted to show a small rise to 55.6 points.

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.