US ADP employment report for August was released today at 1:15 pm BST. As always, data was closely watched given that it is one of final hints ahead of the release of the NFP report for August - official US jobs data (Friday, 1:30 pm BST). Market expected ADP report to show a jobs gain of 195k - much lower than 324k in ADP report for July and a touch above 187k reported in NFP report for July.
Actual report showed an addition of 177k jobs in July - slightly weaker than expected. While the miss was small, it should be noted that this was the lowest ADP reading in 5 months. Moreover, it adds to concerns over the condition of the US labor market, following release of disappointing JOLTS data. Having said that, dovish reaction on the markets should not come as surprise - USD is pulling while equity markets moved higher. EURUSD reaching fresh daily higher near 1.09 mark while US500 moved back above 4,500 pts mark.
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EURUSD jumped following release of ADP data and tested 1.09 mark. Source: xStation5
