US Private Sector Labour Reports Sparks USD Weakness
January 7, 2009
Today’s release of the private sector ADP report highlighted that 693,000 jobs had been lost during the month of December, a clear departure from the expected release of -473,000. Although this is not the official US labor report it was supported by a second private report, which has resulted analysts now wandering on whether we will see a payroll release surpassing last months 24 year low of -533,000. Immediately following the data release the USD weakened across the board with the Euro being the major benefactor.