US ADP reported payrolls disappointed. The number came in at 156k in April, while analyst consensus expected almost 200k new jobs to be reported today. The service sector contributed 166k, but the goods producing sector saw an 11k decline. Construction employment was up 14k, while manufacturing fell 13k. Jobs in financial and accounting firms increased 4k. Professional, business services added 27k, with trade, transportation, and utility employment up 25k.
As a response to the employment numbers EURUSD moved higher initially but then sellers overcame the buyers. Price rallied almost to 1.1530 before turning lower and retracing back below the levels seen before the ADP publication.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
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