ADP Miss Sees Muted EUR/USD
ADP employment report for April was released today at 1:15 pm BST. As a final hint ahead of the NFP release this Friday (1:30 pm BST), the report was closely watched by investors. However, as today is also a FOMC decision day (7:00 pm BST), one should not be surprised by the lack of major reaction to the news.
Report showed an employment gain of just 247k, a significant miss compared to market expectations of 395k. Gain was driven by service-providing jobs that increased 202 thousand. As we have said already, the market’s reaction was small. USD dipped slightly following the release but the move was rather insignificant. EURUSD traded near a short-term 1.0530 resistance ahead of the release and continues to do so in the first minutes after publication.
EURUSD, M15 interval. Source: xStation5