US Data – ADP, PMIs & Vaccine News

<h3>EURUSD, H1</h3>
<p>US ADP reported private payrolls rose <strong>2.369</strong> million in June. Also, May was revised sharply higher, by 5.825 million to a <strong>3.065</strong> million increase (was -2.760 million). April’s -19.409 million was a record plunge. Jobs in the goods production sector increased 457,000, with construction jobs up 394,000. Service sector employment increased 1.912 million, with gains of 961,000 in leisure/hospitality, 283,000 in education/health, and 151,000 in professional/business services. <strong>A robust private payrolls</strong>. The ADP climb beats the modest improvement in the continuing and initial claims data for the period, but undershoots the bigger sales, sentiment, and output gains in other measures, and is in line with the payroll gain expected for tomorrow’s jobs report. ADP gains were fairly evenly dispersed across increases of 873,000 for large companies, 559,000 for medium companies, and 937,000 for small companies.</p>
<p>US final June Markit manufacturing rose to <strong>49.8</strong> (was 49.6 in the preliminary) from May’s 39.8. It is a fourth month of contraction and was at 50.6 a year ago. But <strong>the weakness is abating from the 36.1 record low from April amid re-openings of the economy.</strong> The 10-point surge in the index was a record jump, and it is now the highest reading since February. Output climbed to 47.5 from May’s 34.4, with new orders also moving higher.</p>
<p>US equity markets have opened in positive territory, rebounding from early losses on the futures market following reports of positive results on a vaccine from <strong>Pfizer</strong> and <strong>BioNTech</strong>.</p>
<p><strong>EURUSD</strong> pushes towards <span><strong>1.1250</strong></span> following a dip to 1.1184 earlier, <strong>USDJPY</strong> pivots around <strong><span>107.50</span></strong>, down from Asian session highs at 108.06 and the <strong>USA500</strong> trades at <strong><span>3115</span> </strong>and highs of the day. FOMC Minutes due at 18:00 GMT.</p>
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<p><strong>Stuart Cowell</strong></p>
<p><strong>Head Market Analyst</strong></p>
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