ADP Employment Change Slight Miss Ahead of Non-Farm Payrolls

Talking Points:

-US ADP Employment figures for March come in at 191K vs. 195K surveyed

-February figures are revised up from 139K to 178K

-US Non-Farm Payrolls data to be released on Friday at 12:30GMT (8:30EDT)

The March ADP Employment Change figures out of U.S. came in just below 195K expectations at 191K while the February print had a healthy revision from 139K to 178K. Price action remained limited in USD pairs and as usual we saw a 10 pip move to the upside in USD/JPY at the release. Although the headline figure for March missed, the upward revision for February is a supportive sign moving into US Non-Farm Payrolls on Friday.

As for event risk later today, we have U.S. Factory Orders for February due out as well as crude inventory data from the DOE. For those trading EUR crosses, note tomorrow we have the April ECB Rate Decision.

USD/JPY April 2nd, 2014 (5-Minute Chart)

Source: FXCM Marketscope

Gregory Marks, DailyFX Research Team

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