ADP report on change in US employment in May was released at 1:15 pm BST. Data was expected to show a decline of 9 million jobs following a 20.2 million decline in April. However, the report showed a drop of "just" 2.76 million jobs. While this is still very high reading on absolute terms, it is much better than markets expected. Nevertheless, both stocks and USD saw a muted reaction to the release.
Report sets the tone for Friday's NFP release (1:30 pm BST). Non-manufacturing ISM for May is another important US reading scheduled for release today (3:00 pm BST).
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US500 saw relatively small reaction to ADP data release. US stock index continued to trade just slightly below 3,100 pts mark. Source: xStation5
