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US ADP Employment Change Beats Estimates in February; USDJPY Soars

US ADP Employment Change Beats Estimates in February; USDJPY Soars

Renee Mu, Currency Analyst

THE TAKEAWAY: [ADP Employer Services says U.S. added 198,000 jobs in February ] > [US labor market continues picking up with solid job gains] > [USD/JPY Bullish]

The monthly ADP National Employment report showed that U.S. companies hired 198 thousand workers more in February, adding more positive signs to the US labor market. The reading exceeds median forecast from Bloomberg survey of economists pulled by Bloomberg News that called for an increase of 170 thousand, with projections ranging from an advance of 125 thousand to 210 thousand. January figure was revised upwardly from a gain of 192 thousandto 215 thousand, the largest increase in 11 months.

As the ADP employment change is considered a precursor to the non-farm payrolls number, a better-than-forecast figure today raised hope that non-farm payrolls reading released this Friday might exceed expectations as well. Non-farm payroll figure was predicted to climb by 160 thousand in February. The report released today indicates that the job market is slowly but steadily improving despite of the uncertainty about the $85 billion spending cuts.

USD/JPY 1-minute Chart: March 6, 2013

US_ADP_Employment_Change_Beats_Estimates_in_February_USDJPY_Soars__body_Picture_1.png, US ADP Employment Change Beats Estimates in February; USDJPY Soars

Chart created using Market Scope – Prepared by Renee Mu

The U.S. dollar jumped against the Japanese yen following the data release. As can be seen from the one-minute chart above, the USD/JPY pair rose by 13 bps to 93.56 yen in the minute preceding the report and continued trading higher. At the time this report was written, the USD/JPY pair was trading at 93.52 yen.

--- Written by Renee Mu DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.