Forex Flash: Strong US ADP as positive signal for Friday's NFP - Commerzbank
FXstreet.com (Barcelona) - The January ADP employment report is widely expected today as it is able to paint a pretty good picture of what is coming on Friday's NFP data. "While the ADP report is more broadly based than the official labour-market report, the Bureau of Labor Statistics (BLS) data due on Friday have a much more significant impact on the market", wrote analyst Lutz Karpowitz, expecting today's ADP to show 165,000 new jobs. "Such an outcome would close the gap between the ADP and the official statistics", he continued, adding that "if the ADP comes in surprisingly favourable (i.e. clearly above 200,000), the BLS might be "adjusted" this month". Strong ADP figures today would be a positive signal for Friday's labour-market report.