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ADP Non-Farm Payrolls beat with 205K – USD cannot

Better than expected job gains in the private sector: ADP showed 205K jobs gained in January and an  upwards revision for December: 267K against 257K originally reported.

Update: EUR/USD breaks above downtrend  resistance

The US dollar is recovering some of the losses with EUR/USD slipping to 1.0930, GBP/USD at 1.4514, USD/JPY above 119.40, AUD/USD at 0.7055, USD/CAD at 1.3935 and NZD/USD above 0.66.Update: after the initial strength, the greenback is resuming its falls.

Automated Data Processing (ADP) was expected to report a a gain of around 195K jobs in January 2016, after a strong 257K in December. In recent months, there has been a better correlation between the ADP report for the private sector and the official Non-Farm Payrolls report on Friday.

Towards the publication, the dollar has been weaker across the board, with EUR/USD rising to 1.0940.

Earlier this week, the employment component of the ISM Manufacturing PMI took a dive to 45.9 points, deep in contraction territory. This is an ominous sign for the NFP, despite the fact that the sector is only a small part of the economy.

Later today we will get the ISM Non-Manufacturing PMI – a report for the services sector, that should  be better and  provide a better picture, alongside the ADP publication.

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.