ADP employment report for May was released today at 1:15 pm BST. Report was expected to show a 170k increase in US employment in the previous month but actual data came in much stronger and showed a 278k increase. A 110k increase was recorded in goods-producing jobs while the remaining 168k came from an increase in service-providing jobs. A decent jump in goods-producing jobs is especially welcome as recent job increases were driven mostly by the services sector. Data for April was revised slightly lower - from 296k to 291k.
Reaction of the market to the release can be described as hawkish - US dollar gained while equity markets took a hit.
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EURUSD at 5-minute interval. Source: xStation5
US500 at 5-minute interval. Source: xStation5
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