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Long US Dollar Despite Disappointing ADP jobs report

Long US Dollar Despite Disappointing ADP jobs report

2010-03-31 13:22:00
Antonio Sousa, Chief Strategist
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Earlier in the morning, stocks, commodities and higher yielding currencies sold off a bit after Automatic Data Processing (ADP) reported that Nonfarm private employment decreased 23,000 from February to March on a seasonally adjusted basis. Usually, this report provides clues for Friday’s nonfarm payrolls and investors are concerned the US economy is not creating jobs at a healthy pace. According to ADP, “the March employment decline was the smallest since employment began falling in February of 2008. Yet, the lack of improvement in employment from February to March is consistent with the pause in the decline of initial unemployment claims that occurred during the winter”. That said, despite the negative news, I will remain long USD/JPY and EUR/JPY ahead of NFP's. However, I will do so with less leverage and tighter stops.

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