US ADP a Touch Weaker Than Expected, USD Unmoved
- The ADP report will be noted but Friday’s NFP is this week’s main event.
- The US Dollar Index (DXY) remains at a 14-month low.
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A mixed ADP report for July showed job creation lower than expected - 178k vs. expectations of 190k – while June’s number was upgraded to 191k from a prior 158k.
The solid report showed that small businesses added 50,000 jobs, midsized companies added 83,000 while large companies added 45,000 new positions.
“The American job machine continues to operate in high gear,” wrote Mark Zandi, chief economist of Moody’s Analytics, which helps ADP compile the report. “Job gains are broad-based across industries and company sizes, with only manufacturers reducing their payrolls.”
The USD barely moved on the release, with market participants waiting for the monthly non-farm payroll release on Friday, with analysts expecting a print of 180k against last month’s blockbuster 222k.
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Chart: US Dollar Index: Weekly Timeframe (August 31, 2015 – August 2, 2017)
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--- Written by Nick Cawley, Analyst
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.