Talking Points
- US ADP Employment figures for June come in at 237K vs 203K surveyed
- May figures are slightly revised up to 203K from 201K
- US Nonfarm Payrolls to be released tomorrow, July 2, at 12:30 GMT
The June ADP Employment Change report for the US came in significantly above market expectations at 237K vs 203K estimate. The June data beats the surveyed projection by +34K. The May data print also had an upward revision from 201K to 203K. The improved employment data comes in just before the June US Nonfarm Payrolls report, which is going to be released tomorrow at 12:30 GMT. The ADP data is the highest in 2015 and support’s the notion that the US economy picked up steam in Q2’15.
USDJPY experienced a significant upward move at the release of the data with the pair trading at ¥123.10 at the time of writing. USDJPY pair experienced session highs at the release of the data, and can further strengthen its position following the release of the NFP report tomorrow.
As for event risk later today we have the June US ISM Manufacturing report and May US Construction Spending.
