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US ADP Non-Farm Payrolls at 178K – within expectations

The ADP NFP came out at 178K jobs in July, slightly below 185K expected, but nothing too extraordinary. The previous figure was significantly revised to the upside: 191K against 158K originally reported. This revised number is now in line with the NFP.

The US dollar is slightly stronger than before the publication, but nothing too great.

Automated Data Processing (ADP) was expected to report a gain of 185K private sector jobs in July, up from 158K in June (before revisions). The report serves as a hint for the official NFP report published on Friday.

However, the correlation between the figures is not always there.  Last month’s NFP showed a gain of 222K in June.  The private sector gained 187K jobs.

The US dollar remains pressured despite attempts to recover.

Earlier this week, the ISM Manufacturing PMI came out at 56.3 points, well within expectations. We still have the ISM Non-Manufacturing PMI published tomorrow.

More:  EUR/USD – 5 reasons for the rise and the levels above

Another big event on the agenda is the Bank of England’s rate decision tomorrow, also dubbed “Super Thursday”, as the Bank also publishes its Quarterly Inflation Report. See:  Will the BOE send GBP higher?

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.