The manufacturing sector added 8k jobs while the service sector added 178k jobs. The slump in the ADP numbers comes after June's private payrolls grew at the fastest pace since December 2014 adding 237k jobs. After the release of the ADP numbers the US Dollar took a hit as the markets turned cautious ahead of the all-important nonfarm payrolls numbers due this Friday. EURUSD trimmed its earlier losses as the currency surged from daily lows near 1.085 to close the day at 1.09. The Federal Reserve has clearly indicated that ‘some’ improvement in the labour markets were necessary before hiking interest rates in September. The markets are therefore tuned into the July and August unemployment reports.
Investors Cautious on US Dollar as ADP Payrolls Disappoint
Daily Analysis - 06/08/2015