- ADP reports creation of 475,000 private sector jobs in February, exceeding the 388,000 expected.
- Strong January revision: from -301,000 to 509,000.
- The dollar rises in the market after data.
The ADP employment report showed that the US private sector created 475,000 jobs in February beating the market consensus of 388,000. In turn, the figures for January had an abrupt positive revision, going from -301,000 to 509,000. In this way, there are already 22 consecutive months with positive figures.
The dollar rose in the market after the data, moderately. EUR/USD returned to 1.1100 and USD/JPY posted daily highs above 115.35.
Wednesday’s session will continue with the presentation of Jerome Powell, the president of the Federal Reserve, before a congressional committee for the semi-annual report on monetary policy. In the American afternoon, the Fed’s Beige Book on the state of the economy will be published.
Thursday will continue the round of labor market data with weekly jobless claims and Friday will be the turn of the official employment report, which is expected to show an increase in non-farm payrolls of 400,000 and a drop in the rate of unemployment from 4% to 3.9%.
Source: Fx Street
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