US ADP Non-Farm Payrolls came out at 178K in May, lower than 190K expected. In addition, the figure for April was revised down from 204K to 163K. 15 minutes later, US GDP was revised down from 2.3% to 2.2%, also worse than expected. The Personal Consumption component dropped from 1.1% to 1%. All in all, the data came out below expectations but the US Dollar shrugged it off.
Italy remains in the limelight after the constitutional crisis raised concerns that the euro-zone remains in trouble. Another issue is trade. Trump’s tough stance in both negotiations with China and Canada weighs on markets.
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