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.

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
EUR/USD
Mixed
Oil - US Crude
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
More View more
Real Time News
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here: https://t.co/UTWxbnNz7M https://t.co/W9awqb818J
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here: https://t.co/aVAzFypAg1 https://t.co/lucvsACxu5
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/UVvf51HiVP https://t.co/yywnE39MLU
  • The US Dollar is losing ground against ASEAN FX, with USD/SGD and USD/IDR possibly readying to extend declines. Will USD/PHP and USD/MYR follow? Find out from @ddubrovskyFX here: https://t.co/l705RWumj5 https://t.co/jBbMKYp0F5
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/lIJdiz4xSz https://t.co/YUhC9cCDpy
  • The US Dollar has spent much of October giving back September’s gains. Is there any hope for change? Get your #currencies update from @JStanleyFX here: https://t.co/3EHa6PV5yH https://t.co/PrP9J2klJk
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/UalZ8cRSXB https://t.co/wDVd2QvcjO
  • The longer-term EUR/USD outlook will hinge on Thursday’s ECB guidance; any hint of a further easing of Eurozone monetary policy would weaken it, but that is far from guaranteed. Get your #currencies update from @MartinSEssex here: https://t.co/RmHCfIwdqp https://t.co/hvETa6mtft
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true. Simplify your trading strategy with these four indicators here:https://t.co/A4dqGMPylo https://t.co/M8WTvZgx2K
  • The Australian Dollar was under selling pressure this past week, but it held its ground. Bearish patterns brew in AUD/USD and AUD/JPY. Will EUR/AUD, GBP/AUD try to break higher again? Get your #currencies update from @ddubrovskyFX here: https://t.co/04kzJSqgNG https://t.co/ulPk1UneMM
US ADP Employment Beats Estimates Ahead of FOMC

US ADP Employment Beats Estimates Ahead of FOMC

2017-05-03 13:10:00
Dylan Jusino,
Share:

Talking Points:

- ADP Employment Change in April exceeded forecasts coming in at 177K versus 175K estimated.

- The strong employment data unlikely to impact FOMC meeting.

- See the DailyFX Economic Calendar for upcoming economic data and for a schedule of live coverage see the DailyFX Webinar Calendar.

May has started out with a busy week on the economic calendar with US ADP Employment Change being released ahead of FOMC, later today, and US Nonfarm Payrolls later this week. While traders are looking ahead to the Fed’s rate decision, US ADP Employment change exceeded forecasts in April with 177k jobs created versus 175k estimated. As the US labor market approaches full-employment April’s figure came in significantly less than the month prior with 255k jobs created.

When considering the FOMC meeting later today, this data is favorable but is not likely to change the 95% chance that the Fed will hold rates, according to CME’s FedWatch tool. As the labor markets tightens the Fed will shift attention towards the missing component in the US economy which is inflation. After a lackluster Personal Consumption Expenditure print earlier this week, the Fed is likely to address their projections and assumption on the absence of inflation.

For coverage ahead of today’s FOMC meeting please see, Senior Currency Strategist Christopher Vecchio’s, Preview for May FOMC Meeting and Trade Setups in USD-pairs.

Chart 1: DXY 15-minute Chart (May 3, 2017 Intraday)

US ADP Employment Beats Estimates Ahead of FOMC

Immediately following the data, the US Dollar Index rose slightly. As expected, employment change didn’t garner a major reaction. Following the release of the data the US Dollar reversed towards its intraday high at 99.13. At the time this report was written, the pair was trading at 99.07.

--- Written by Dylan Jusino, DailyFX Research

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

DISCLOSURES