Highlights of the May ADP US employment report:
- Best reading since January
- Prior was 169K (revised to 165K)
- 192K services
- Goods +9K
- Small businesses 122k vs 94k prior
- Medium bus 65k vs 70k prior
- Large bus 13k vs 5k prior
- Manufacturing -5k vs -10k prior
- Financial 12k vs 34k prior
- Construction 27k vs 23k prior
It's not often that a report hits that close to consensus. The US dollar is 10-15 pips higher on the release; that's a sign that the market was a bit skittish about the report ahead of time. It's also a sign that US dollar bulls were looking for any reason to buy.