The US Dollar moved slightly higher following the ADP jobs data, which saw private payrolls rise a much higher than expected 978k. USDJPY topped at 109.89, up from 109.80, while EURUSD slipped to 1.2174 from 1.2185. Equity futures continue to indicate a sharply lower Wall Street open, while yields were little changed.
US ADP climbed 978k in May following a revised 654k (was 742k) increase in April, much better than expected and reflecting the robust recovery. The service sector added 850k jobs, and employment in the the goods sector rose 128k. Much of the strength was in the leisure/hospitality area where jobs surged 440k. Education/health added 139k employees. Jobs in trade/transport increased 118k. Professional/business services added 68k. In the goods producing sector, manufacturing jobs were up 52k with construction payrolls up 65k. Large companies added 308k workers, with gains of 333k for small businesses and 338k for medium sized firms.
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Stuart Cowell
Head Market Analyst
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