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After two successive down month ADP employment report met expectations today. Dollar is able to hold on to its gains.
Key highlights -
- Headline figure showed private employment rose by 201,000 in May. April's payroll got revised to 165,000 from 169,000.
- Small sized firms provided most of the employment at 122,000, while mid-sized added 65,000 jobs and large companies recruited about 13,000 people.
- Manufacturing sector continues to shed jobs. 5,000 got laid off in May. Employment rebounded in Goods producing sector after last month's job loss adding about 9000 people to payroll.
- Services sector remained largest employment provider. Added 192,000 jobs in May in this sector. Job gains were across industries.
Focus now shifts on NFP report to be released on Friday. Market will be expecting a better report since ADP employment recovered.
Dollar is likely to trade strong, may not strengthen against all the counterparts.
Yen and Canadian dollar looks more vulnerable to dollar strength. Yen is trading at 124.5 against dollar while Loonie is trading at 1.249.
