EUR/USD: US ADP Non-Farm Employment Change

The European Common Currency appreciated against the US Dollar, following the US ADP Non-Farm Employment Change data release on Wednesday at 12:45 GMT. The EUR/USD exchange currency rate lost 50 pips or 0.44% right after the release. The Euro continued trading at the 1.1260 level against the Greenback.

Automatic Data Processing, Inc. released the ADP Non-Farm Employment Change data, which came out worse-than-expected of 27K compared with forecast 185K. Also, note, that the increase of the Euro could be driven by rising tensions between Italy and European Commission.

According the official release: "Following an overly strong April, May marked the smallest gain since the expansion began," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. "Large companies continue to remain strong as they are better equipped to compete for labor in a tight labor market."