Private sector employment data from ADP

  • Prior was 250K (was the best reading since March)
  • Prior revised to 242K
  • Goods producing +22K
  • Service producing +212K

Strong reading but it was strong last month too and that didn't correlate with a strong non-farm payrolls.

USD/JPY popped a handful of pips on the headline but has given it right back. The market just isn't that concerned about the number of jobs right now, it's focused on wages.