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Post-ADP Data Market Holds Steady, Awaits Friday's Nonfarm Payrolls to Adjust Rate Cut Expectations
BlockBeats News, January 7th: The US dollar remained steady despite slightly disappointing US private sector employment data. According to today's released ADP data, the private sector added 41,000 jobs in December. Economists surveyed by The Wall Street Journal had previously expected a job gain of 48,000. However, last month's data was revised up to show employers cutting 29,000 jobs, from an initially reported 32,000 drop.
The US Dollar Index was largely unchanged after the ADP data release, holding steady at 98.601. The market is awaiting the US nonfarm payrolls report on Friday, which could impact expectations for the Federal Reserve's next interest rate cut timing. (FXStreet)
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