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ADP Non-Farm Payrolls beat with 216K – USD ticks up

Better than expected jobs data  from the US: a gain of 216K private sector jobs in November, according to ADP. The  good news is somewhat offset by a downgrade for October’s data: a gain of only 119K against 147K originally reported.

The US dollar advanced a bit, but the moves are limited.

The private sector Non-Farm Payrolls report was expected to show a gain of 165K in November, according to Automated Data Systems. They showed  a gain of 147K gains in  October (before revisions).

The ADP NFP is considered a hint towards the official Non-Farm  Payrolls report on Friday. While the precision of the correlation is questionable, this early report has its own merit, and always moves markets.

The dollar was experiencing a correction, this time a more significant one, as an excellent month of November draws to a close. Such end-of-month moves are quite common.

We will later get the Fed’s favorite inflation figure: the Core PCE Price Index, as well as the ISM Manufacturing PMI. The latter is another hint for the NFP. This time,  the more important services sector report is published only on Monday.

More:  Upcoming events: NFP buildup and OPEC showdown [Video]

Here is the EUR/USD chart:


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.