Positive November ADP NFP sends USD soaring

2 December, AtoZForex.com, Lagos – The just released ADP Non-Farm Employment Change shows a positive leap in jobs added, considering that the US economy managed to create over 200,000 jobs in the month November. At least, according to the latest report from the research institute Automatic Data Processing Inc (ADP).

Specifically, the report showed a 217K estimated change in the number of employed people during the previous month November. This figure excluded the farming industry and government numbers. Nevertheless, the released numbers have added further strength to the dollar.

Although, the November ADP NFP may not be an adequate yardstick to speculate on the real Non-farm payroll report scheduled for Friday, the positive result makes it more likely that we will see an upbeat NFP in a couple of days. Building further on this, Mark Zandi, the chief economist of Moody’s Analytics, commented the following:

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“Job growth remains strong and steady. The current pace of job creation is twice that needed to absorb growth in the working age population. The economy is fast approaching full employment and will be there no later than next summer.”

If this coming Friday, a followup positive release from the NFP will be released, then it becomes even more likely that the Fed will raise rate in December.

EURUSD 1 hour chart EURUSD 1 hour chart

EURUSD outlook

The currency pair EURUSD has resumed it downward trend, boosted by the positive jobs report of today. The dollar looks set to extend its gains further, as the current price action formation is in line with the overall bearish trend of the currency pair.

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