U.S. ADP employment in October came in at 8.6, beating expectations of 6.9 but still below the previous month's 9. 📊
Figures released on November 4 showed that the labor market has not cooled completely, although growth has slowed slightly compared with the previous period.
Notably, the figure beat forecasts just after the Fed raised interest rates on 16/09, for the first time since 2023. As long as employment holds up, the Fed will have little reason to ease policy early, even though ADP is only a reference indicator for the official NFP report.
For the broader market, this data points toward support for the USD and bond yields. Gold is unlikely to gain further momentum from rate-cut expectations.
For crypto, $BTC is sensitive to interest-rate expectations, so stronger-than-expected data is making investors more cautious. I think the upcoming NFP report will be the real test. Do you think the Fed will raise rates again?
#ADP #Fed #USJobs
Figures released on November 4 showed that the labor market has not cooled completely, although growth has slowed slightly compared with the previous period.
Notably, the figure beat forecasts just after the Fed raised interest rates on 16/09, for the first time since 2023. As long as employment holds up, the Fed will have little reason to ease policy early, even though ADP is only a reference indicator for the official NFP report.
For the broader market, this data points toward support for the USD and bond yields. Gold is unlikely to gain further momentum from rate-cut expectations.
For crypto, $BTC is sensitive to interest-rate expectations, so stronger-than-expected data is making investors more cautious. I think the upcoming NFP report will be the real test. Do you think the Fed will raise rates again?
#ADP #Fed #USJobs
