- The ADP report showed 129k increase in private employment in March
- The number was much weaker than expected (175k)
- ADP is seen as a proxy for the NFP report
- EURUSD reacts calmly but is up on a day
The US ADP report showed a gain of private employment in March but of just 129k, below the consensus (175k) and the figure from February (179k, downwardly revised from 183k). The ADP is often seen as a prelude for the NFP report (Friday 1:30pm CET) but these reports can show different numbers as it was the case last month. Keep in mind that another important US report will be released at 3pm CET – the ISM non-manufacturing index.
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Create account Try a demo Download mobile app Download mobile appThe EURUSD recovers today and while it’s still in a downward wedge formation, one can spot a possible double bottom formation. Source: xStation5
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