On Wednesday, 01-06-10 at 8:15 AM ET, the “USD ADP Non- Farm Employment change” was released by Automatic Data Processing, Inc.
I did a “preview” of this months report posted on Tuesday, 01-05-10, click here for a review.
Let us check out what is happening tomorrow.
Here is how I was set up and what happened –
USD-6-15AM-01-06-10
Looking for a 50K difference
Actual > Forecast = Good for USD
USD ADP Non-Farm Employment Change
——actual———-forecast———-previous
________________-74K________-169K
_____-84K ______-74K________-145K
out at -24K or higher – SELL GBP/USD
out at -124K or lower – BUY GBP/USD
Bad – “actual” came lower then “forecast” by 10K
Good – “actual” came higher then “previous” by 85K
Good – “actual” came higher then revised “previous” by 61K
The “actual” and the “forecast” were not far enough apart to make a good trade – but the “actual” and the “previous” looked good for the USD. So, it is difficult to make any decision about a trade.
a one minute EUR/JPY chart
This EUR/JPY currency pair moved down for 30 minutes about 34 PIPS
a one minute EUR/USD chart
This EUR/USD currency pair moved up for 27 minutes about 27 PIPS – right direction
Not enough for a trade here
a one minute GBP/JPY chart
This GBP/JPY currency pair moved down for 30 minutes about 60 PIPS
a one minute GBP/USD chart
This GBP/USD currency pair moved up for 6 minutes about 20 PIPS
moved down the next 26 minutes about 26 PIPS
Not enough for a trade here
a one minute USD/CAD chart
This USD/CAD currency pair moved down for 51 minutes about 38 PIPS – right direction
a one minute USD/JPY chart
This USD/JPY currency pair moved down for 27 minutes about 41 PIPS – right direction
This from the FOREX Factory Calendar:
“Actual > Forecast = Good for currency (Note: While this is the ‘usual’ effect, under current market conditions the reverse tends to be true against some currencies, as bad data has been triggering the purchase of US bonds);”
The next ADP report is scheduled for Wednesday, 02-03-10 at 8:15 AM ET.
I will probably write a “preview” post a day or two before.
Stay tuned!
2 Trackbacks
[...] did post a “follow up” of this report, click here to see what [...]
[...] did a “follow up” of the last months report, posted on Wednesday, 01-12-10, click here for a [...]