US ADP Employment Figures Fall Significantly Short of Expectations, Dollar Index Drops
The U.S. ADP private employment report for May showed an increase of only 37,000 jobs, significantly below the expected 114,000. The data for April was revised down by 20,000 to 60,000. The 37,000 figure is the lowest since March 2023. As we have always stated, the ADP report is not a reliable indicator for Friday's employment data, but this did not stop the bears from returning to the dollar. After the data was released, the DXY dollar index's short-term decline expanded to 20 points.
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