Breaking: ADP Employment smashes expectations with 291K, EUR/USD nears 1.10

Yohay Elam FXStreet

ADP's private-sector jobs report for January has shown an increase of 291,000 positions, far above 156,000 expected. December's figures suffered a minor downgrade from 202,000 to 199,000.

The US dollar is rising across the board and EUR/USD has hit a new low at 1.1014. The greenback is also gaining ground against the pound and the yen, with USD/JPY edging toward 110.

This is the second upbeat figure from the US after ISM's Manufacturing Purchasing Managers' Index exceeded estimates with 50.9 – a return to growth.

The ISM Non-Manufacturing PMI is next. It is set to shed light on the services sector and the employment component serves as another hint toward Friday's official Non-Farm Payrolls figures.

ISM Non-Manufacturing PMI Preview: Manufacturing to the fore

Here is how the move looks on the EUR/USD chart:

EUR USD Technical chart ADP NFP February 5 2020

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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