Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Fresh Intraday Lows for USD/JPY on ADP Employment Change

Fresh Intraday Lows for USD/JPY on ADP Employment Change

Gregory Marks,

Talking Points:

-January US ADP Employment Change release comes in at 175K vs. 185K estimates

-December figure revised from 238K to 227K

-USD spike followed by moves to the downside

The January figure for the ADP Employment Change print came in at 175K vs. 185K estimates while December’s figure saw a slight downward revision from 238K to 227K. It is important to note that the ADP survey is not necessarily indicative of what we will see at Friday’s Non-Farm Payroll release. For example, last month we saw that the release indicated a 238K positive net change and that beat expectations of 200K for December. Nevertheless, on that following Friday we saw NFPs come in at a dismal 74K.

USD/JPY: February 5, 2014 (5-Minute Chart)

Fresh_Intraday_Lows_for_USDJPY_on_ADP_Employment_Change_body_Picture_1.png, Fresh Intraday Lows for USD/JPY on ADP Employment Change

Source: FXCM Marketscope

As is usually the case, the ADP Employment Change release is good for at least a 20 pip move in USD/JPY. In most cases, we have seen this move retrace within a five minute candle as was the case today. S&P 500 futures are heading lower with USD/JPY ahead of the open and US 10yr yields are pressing fresh intraday lows, currently testing 2.6% at the time of this report. As for event risk for the rest of the day, we have ISM Non-Manf. Composite for January due out at 15:00GMT.

Gregory Marks, DailyFX Research Team

Keep up to date on event risk with the DailyFX Calendar.

How does a Currency War affect your FX trading?

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

DISCLOSURES