BREAKING: US ADP above expectations

ADP report on change in US employment in September was released at 1:15 pm BST. Data was expected to show an increase of 200k jobs following a 132k increase in August. However, the report showed an increase of  208k jobs, better than markets expected. A drop in employment in the industrial sector by 29k, and an increase in services sector of 237k. At the same time, the ADP report shows solid wage growth of 7.8%. Nevertheless, both stocks and USD saw a muted reaction to the release. 

Today’s report is a hint ahead of the NFP report which will be released on Friday at 1:30 pm BST.

EURUSD saw relatively small reaction to today’s ADP release. The most popular currency pair continued to trade around 0.9900 level and is testing upward trendline. Source: xStation5