USDJPY, H1
US ADP reported private payrolls plunged -20.236 mln in April following a downward revision to -149,000 (was -27,000) in March. The service sector lost -16 mln jobs, led by leisure/hospitality which was down -8.6 mln. There was a -3.4 mln decline in trade/transport, along with a -1.2 mln slide in professional business services. Employment in the goods sector declined -4.2 mln with a -2.5 mln drop in construction and -1.7 mln in manufacturing. Large firms shed -9 mln jobs, followed by a -6 mln decline in small business and -5.3 from medium sized firms. The data was as desperate and as dismal as expected.
USDJPY has been trending lower all day from yesterday’s high at 106.885. It has moved off lows of the day at 106.050 to 106.175, following the confirmation of the poor ADP report. EURUSD is back to 1.0820 from lows at 1.0782 and Cable remains under 1.2400 at 1.2386 (S2).
Click here to access the HotForex Economic Calendar
Stuart Cowell
Head Market Analyst
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
