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Big rise in ADP payrolls USD ticks up

Market Analysis
2017-02-01_15-28-36

GBPUSD, H1              

U.S. ADP reported private payrolls surged 246k in January after a 151k gain in December (revised from 153k). The service sector added 201k. Employment in the goods producing sector rose 46k, with mining adding 6k workers with manufacturing up 15k. In the services sector, trade and transports added 63k, with professional business services up 71k and healthcare adding 49k. This is a better than expected report and adds upside risk to Friday’s NFP numbers.

The dollar rallied after the better ADP jobs report, taking EURUSD to 1.0770 from 1.0790, and USDJPY up to 113.67 highs from 113.30 and cable to 1.2609 from the 4 hour resistance level it had hit earlier at 1.2654. The 10 EMA is providing support for cable today Manufacturing PMI’s are up next before the FOMC main event later.

 

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Stuart Cowell

Senior Market Analyst

HotForex

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