Breaking: ADP badly disappoints with 67K, GBP/USD breaks above 1.31, EUR/USD nears 1.11
|ADP's Employment Change figures for November came out at 67,000, well below expectations for an increase of 140,00. Moreover, October's figure was revised down to 121,000 from 125,000.
Some suspect that the gap stems from calculations related to the strike at General Motors. Nevertheless, this is the second significant miss in a top-tier US figure this week. ISM Manufacturing PMI fell short of expectations with 48.1 points.
The US Dollar is on the back foot with GBP/USD extending its gains to 1.31. The next levels for GBP/USD are 1.3135 and 1.3180. Support is at 1.3045 and 1.3013.
EUR/USD getting closer to 1.11. Resistance is at 1.11, followed by 1.1130 and 1.1180. Support awaits at 1.1050.
There is another significant data figure coming up later today – the ISM Non-Manufacturing PMI.
See US Services PMI November Preview: Manufacturing indicates lower
Earlier, markets cheered reports that the US and China re getting closer to a deal. Beforehand, stocks suffered amid concerns that the world's largest economies would fail to strike an accord.
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