BREAKING: USD gains after another solid ADP data

1:15 PM 2 August 2023

ADP jobs report for July was released at 1:15 pm BST today. Report was expected to show a 190k jobs increase - a significant deterioration from almost half a million reported for June (+497k). However, an actual report showed a much higher employment gain of 324k! This was another strong ADP reading and we have observed a hawkish reaction on the markets - USD gained, GOLD dropped and US index futures ticked lower. This should not come as a surprise as another strong report from US jobs market boosts odds of a Fed rate hike at September meeting. ADP data released today was the final hint ahead of official NFP report scheduled for Friday, 1:30 pm BST.

EURUSD deepened drop following release of solid ADP data. EURUSD painted a fresh daily low near 1.0960 mark. However, part of the move lower was already erased. Source: xStation5

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Source: Bloomberg Finance L.P., XTB Research

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