ADP Took the Stage, the Dollar Traded Mixed

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ADP Took the Stage, the Dollar Traded Mixed

Post  harpal1980 on Fri Jan 08, 2010 6:00 am

Despite the important ADP release yesterday, one which was expected to have an impact on the intraday session, the U.S stock market and most of the various currency pairs closed the session with a minor change.

The closely watched ADP result, which measures the employment level in the non-farm private sector, weighed on investorís confidence yesterday, after the U.S economy shredded -84k jobs in December. Even though the result was the smallest contraction in over half a year, the number was slightly higher than economistís expectations of -75k.

The Fed also had an impact on the intraday session releasing its FOMC minutes. Although Fed members expressed mixed decisions, the overall outcome was that the Fed was in no rush to reduce its activity in the markets. The Fed was optimistic about the U.Sís outlook and mentioned that there are signs of a moderate growth. Despite the positive words economist remained pessimistic, questioning the Feds methods. To date many market participants are wondering whether the U.S economy will manage to support itself without government help.

The major U.S indices finished the session mixed with the S&P500 closing with a gain of 0.05%. The Nasdaq dropped the most throughout the session and finished down by 0.33%. One must note that even though the current trend is bullish, various indicators are showing minor divergence on the Nasdaq.

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Re: ADP Took the Stage, the Dollar Traded Mixed

Post  sirajrasul on Tue Jan 19, 2010 7:25 am

Thanks for the information..... forex


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