Posted by: Commentary from Boris Schlossberg and Kathy Lien, Directors of Research, GFT
ADP Employer Services gauge showed a shocking -693K contraction in employment versus estimates of -495K in job losses. The news sent the dollar tumbling against euro with the pair hitting 1.3737 in post release trade. The ADP figures confirmed the dollar bears worst nightmare nearly hitting the -700K barrier suggesting that the US labor situation has deteriorated significantly over the past month.
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