April 2021 US jobs report from ADP

ADP April US employment
  • Prior was 517K (revised to 565K)
  • Small businesses +235K vs 174K prior
  • Midsized 230K vs 188K prior
  • Larger 277K vs 155K prior
  • Goods sector 106K vs 80K prior
  • Service sector 636K vs 437K prior

The US dollar has softened further on the headlines. The headline is softer than expected and that could drag non-farm payrolls estimates back below 1m. Ultimately, I think this is in the sweet spot for risk trades. It shows an economy that's improving rapidly but not so fast that it will prompt a Fed rethink.