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ADP Non-Farm Payrolls 212K – within expectations but with

A very small miss in the ADP NFP report for the private sector: 212K jobs gained in February.  ADP tends to underestimate private NFP by around 30K, but this is not 100% consistent. And now, we have a significant upwards revision in the ADP NFP for January: 250K instead of 213K originally reported. All in all, this is good news: the US is creating jobs at a solid pace.

After an initial  strengthening, the US dollar is moving  down: EUR/USD is up above 1.1130. The moves are not huge. We have another important hint ahead.

The ADP Non-Farm Employment Change for the private sector was expected to show a gain of 219K jobs in February after 213K in January. This  serves as a hint towards the official Non-Farm Payrolls report on Friday.

Towards the publication, the dollar was doing well against the euro and the pound but not against the rest.

EUR/USD hovered around the lows, at 1.1130, GBP/USD traded around 1.5350, USD/JPY at 119.55, AUD/USD at 0.7844, NZD/USD around 0.76 and USD/CAD at 1.25.

Earlier this week, the ISM Manufacturing PMI disappointed with a low headline number and a weak employment component. Later today, at 15:00 GMT, ISM releases its non-manufacturing PMI (aka services), which has an even higher importance.

Join a webinar at 14:00 GMT:  Preparing for the ECB and NFP with EUR/USD

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.