ADP Jobs beat helps USDJPY recover 111 handle

USDJPY, Daily             

U.S. ADP reported private payrolls surged another 263k in March after climbing 245k in February (revised down from 298k). Goods producing employment rose 82k, while service jobs increased 181k. Construction employment was up a solid 49k. Manufacturing rose 30k. Mining edged up 4k. Professional and business services added 57k jobs. Leisure and hospitality increased 55k, while healthcare was up 46k. The strong report adds upside risk to Friday’s BLS numbers. The dollar rallied after the better than expected ADP employment survey outcome, taking EURUSD down to fresh intraday lows of 1.0655 from 1.0680, and USDJPY up to 111.25 from under 110.95 and above the key 200 day moving average at 111.20 zone.

Next up are the FOMC minutes later today at 18:00 GMT and ahead of the Trump/Xi summit, which begins on Thursday in Florida.


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Stuart Cowell

Senior Market Analyst


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