No big surprises from the ADP’s NFP: 177K jobs were gained in April according to the company. This is in line with expectations and does not change the estimations for Friday’s NFP. Last month’s figure was revised down from 263K to 255K, still way above the BLS report for March.
The US is stable, not going anywhere fast.
Automated Data Processing (ADP) was expected to report a gain of 175K private sector jobs in the US in April. In March, the company estimated a jump of 263K jobs. The official number published by the BLS was much lower. The correlation between ADP’s early report and the official figures was quite good for a few months, but it collapsed last time.
The US dollar was gaining some ground ahead of the publication, but the moves were shallow.
Another NFP hint awaits us at 14:00 GMT: the ISM Non-Manufacturing PMI. Yet the most important event today is the Fed decision.
Janet Yellen and her colleagues are not expected to make any change in interest rates, but they may provide a hint about the more important June decision.
If the Fed does surprise by rocking the boat, it will likely be to the downside.
See Fed preview: reasons to be worried – 3 scenarios
