On Wednesday, at 12:15 GMT, Automatic Data Processing (ADP) will release its employment report for October.
US private sector job creation is expected to rebound to 150,000 in October. The previous ADP report came below expectations, recording a gain of 89,000 jobs, marking the slowest growth since January 2021. The US Dollar remains firm, supported by US data, but unable to make new highs. According to market consensus, US private payrolls are expected to increase by 150,000.
The Federal Reserve will announce its decision on Wednesday, and no change in interest rates is expected. The ADP number is unlikely to change that outcome, nor will the ISM report or the ECI. Therefore, the market impact of these figures could be limited but still create volatility ahead of the Federal Open Market Committee statement. Last month, the ADP report triggered a modest market reaction that did not last. Although figures came in below expectations, the US Dollar was not affected.
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