US ADP private sector employment rises 233,000 in October vs. 115,000 expected

Private sector employment rose at a stronger pace than expected in October.
US Dollar Index clings to small daily gains slightly below 104.50.

Eren Sengezer FXStreet

Private sector employment in the US rose 233,000 in October and annual pay was up 4.6%, the Automatic Data Processing (ADP) reported on Wednesday. This reading followed the 159,000 increase (revised from 143,000) recorded in September and surpassed the market expectation of 115,000 by a wide margin.

Assessing the report's findings, "even amid hurricane recovery, job growth was strong in October,” said Nela Richardson, chief economist, ADP. "As we round out the year, hiring in the US is proving to be robust and broadly resilient."

Market reaction

The US Dollar Index edged higher with the immediate reaction and was last seen posting small daily gains near 104.40.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

AUD/USD keeps range near mid-0.7100s as USD bulls await US CPI

AUD/USD steadies near mid-0.7100s in the Asian session on Friday, stalling the previous day's sharp decline to an over one-week low. The August PPI report reaffirmed Fed rate-hike bets and boosted the US Dollar on Thursday, which weighed heavily on the pair. However, hawkish RBA expectations limited losses for the Aussie as USD bulls now await the release of the US consumer inflation figures before placing fresh bets.

USD/JPY holds lower ground toward 154.00; looks to US CPI

USD/JPY holds lower ground toward 154.00 in the Asian session on Friday after hot Japanese PPI data bolster a more hawkish BoJ repricing and provide fresh impetus to the Japanese Yen. However, the downside appears capped as the US Dollar preserves overnight gains ahead of the latest US consumer inflation data.

Gold turns negative near $4,300 post-US CPI

Gold adds to Thursday’s weakness, trading comfortably in the sub-$4,400 zone per troy ounce at the end of the week. The yellow metal keeps the offered bias in the wake of the release of US inflation figures in August and amid the decent advance in the US Dollar.

Ripple Price Forecast: XRP extends decline as returning ETF inflows fail to lift outlook

Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.

Weekly focus – The hawks set the tone

Risky assets came under pressure this week as energy prices kept creeping higher and the ECB surprised the markets with a hawkish tone. The price of Brent crude touched USD 110 per barrel on Thursday night, highest since mid-May, as news emerged that the Yemeni Houthis had reached control of key port cities and islands near the Bab el-Mandeb strait.

Venezuela’s 65-billion-barrel Oil deal could reshape America’s inflation fight

The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.