The US dollar got a boost today after a jobs report from ADP showed more jobs were added to the private sector in September than had been forecast.
The ADP non-farm employment change indicated that private payrolls rose by 91,000 beating expectations for a gain of only 75,000 jobs.
Meanwhile, August private payrolls were revised down to an increase of 89,000 from the previously reported 91,000.
Today’s private jobs report comes ahead of the most important monthly jobs data from the US Labor Department. The U.S. nonfarm payrolls report is due in two days with expectations of a gain of 60,000 jobs in September, after being unchanged in August.
“It looks like we’re still seeing the private sector create jobs, which is consistent with a slow-growing economy,” said Gary Thayer, chief macroeconomic strategist, at Wells Fargo Advisors, in St. Louis, Missouri.
“The problem is the government sector is cutting jobs. So it looks like we’ll get a weak, but slightly positive, jobs number on Friday.”
USDJPY jumped after the news at 12:15 GMT from 76.65 to 76.83 an hour later.