US ADP Misses Ahead of NFP, USD/JPY Slides Lower

Talking Points:

• US ADP Employment 179K vs 210K Expected and 215K (revised lower)
• US Dollar Falls vs Japanese Yen on Data Release
• US Dollar Rally At Clear Risk as Key Events May Disappoint

US ADP Employment Change disappointed in May as it registered at the lowest level since January. ADP is closely watched by market participants to gauge a feel for the highly anticipated jobs report - US NFP. The miss and downward revision does not promote a positive tone moving into the report on Friday. DailyFX Quantitative Strategist David Rodriguez discusses how key events may disappoint, putting the recent US Dollar a rally at risk.

The Japanese Yen rose against the US Dollar, extending gains from earlier. On a broader perspective, USDJPY is positive above 101.75, according to DailyFX Strategist Jamie Saettele.

USD/JPY5-minute – using FXCM Marketscope 2.0.

-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to [email protected].

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