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The Automatic Data Processing Inc Non-Farm Employment Change number is seen as a precursor to official US employment data, as it is released monthly, one day prior to the official Non-Farm Employment Change of the US Bureau of Labor Statistics. The data release at 12:15 GMT has just caused major volatility.
It was forecast that the US would have created 226,000 jobs in June. Instead the ADP data shows 497,000 new jobs created. The news have caused an immediate surge of the US Dollar, as the high employment numbers signal that the Federal Reserve can and has to hike interest rates to beat down employment and decrease inflation.
The US Dollar index surged by 0.31% in less than five minutes after the release. The EUR/USD erased previous gains by dropping 35.7 pips from 1.0897 down to 1.0865 or 0.33%.
Thu, 06 Jul 2023 12:24:53 GMT
Source: Dukascopy Bank SA
The Automatic Data Processing Inc Non-Farm Employment Change number is seen as a precursor to official US employment data, as it is released monthly, one day prior to the official Non-Farm Employment Change of the US Bureau of Labor Statistics. The data release at 12:15 GMT has just caused major volatility.
It was forecast that the US would have created 226,000 jobs in June. Instead the ADP data shows 497,000 new jobs created. The news have caused an immediate surge of the US Dollar, as the high employment numbers signal that the Federal Reserve can and has to hike interest rates to beat down employment and decrease inflation.
The US Dollar index surged by 0.31% in less than five minutes after the release. The EUR/USD erased previous gains by dropping 35.7 pips from 1.0897 down to 1.0865 or 0.33%.