Employment in the US' private sector rose by 2,369,000 in June, the monthly data published by the Automatic Data Processing (ADP) Research Institue revealed on Wednesday.
This reading followed May's increase of 3,065,000 (revised from -2,760,000) and came in worse than the market expectation of +3 million.
Commenting on the data, “Small business hiring picked up in the month of June,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “As the economy slowly continues to recover, we are seeing a significant rebound in industries that once experienced the greatest job losses."
The US Dollar Index largely ignored this data and was last seen gaining 0.16% on a daily basis at 97.55.
ADP NFP Quick Analysis: Low-hanging fruit bounce, not a recovery, S&P 500 rally seems unsustainable.
When an increase of over two million jobs – and an upward revision worth nearly six million – are shrugged off by markets, there is a greater issue. ADP, America's largest payroll provider, reported an increase of 2.369 million private-sector positions in the US in June. Expectations were closer to three million, so the actual number missed expectations.
AUD/USD remains on the defensive, below 0.6900 mark post-US ADP report.
The AUD/USD pair held on to its mildly weaker tone near session lows, around the 0.6890-85 region, and moved little following the release of the US ADP report.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.