Feb jobs slightly low but revisions upbeat
The market largely ignored the ADP employment report but an upward revision to the January data lent a small bid to the US dollar. The initial estimate for January was 213K but that was revised to 250K. That boosted USD/JPY to 119.72 from 119.58 but the gains have been quickly erased.
The latest data was slightly below estimates and along with poor car sales it suggests the economy isn't currently firing on all cylinders or that cold weather led to a small blip.
The calendar remains busy in the hours ahead including the ISM non-manufacturing index, BOC and the Fed's Beige Book. Check the forex calendar for more.
