IronFX Daily Commentary by Charalambos Pissouros

ADP report: Fewer jobs in the private sector
• The ADP employment change for April rose by 156k vs 194k prev., missing expectations of a rise to 196k.
• This raises speculation that the NFP print may also miss its estimate and disappoint.
• In such a case, USD could weaken considerably, as the risks are tilted to the upside for the NFP report.

Today:
• UK: Services PMI for Apr. is exp. to decline somewhat. This could hurt GBP at the release.
• US: Initial jobless claims for week ended Apr. 29th are exp. to rise.
• Canada: Building permits for Mar. are forecast to decline.
• Speakers: ECB Vice President Vitor Constancio and St. Louis Fed President James Bullard.

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