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United States ADP Employment Change and the effects

 Market background

On this Wednesday (October 2), the latest US ADP reported that 135 thousand workers were employed in private business in the United States in September. It is less than market expectations, which makes the market more worried about the strength of the US labour market and the overall economy. There are more and more signs that the labour market is slowing. As these figures are announced, people are increasingly worried about the strength of the US economy.

Also, Data released by the Institute for Supply Manufacturing (ISM) on Tuesday showed that manufacturing is shrinking that US manufacturing activity fell to a minimum of more than ten years last month. However, the rate of contraction is not consistent with the recession. US manufacturing activity fell to a minimum of more than ten years last month, raising concerns about the economy. However, other economic data is relatively healthy, especially in the consumer sector.

Further effects 

After the data was released, the financial market volatility intensified.

US dollar 

the US dollar index is lower, which fall about the 99 marks. 

Spot gold 

Spot gold has pulled up nearly 20 US dollars in a short-term, breaking through the 1,500 US dollar/ounce mark.

US stocks

The three major stock indexes of US stocks fell. The situation is particularly fierce. The Dow Jones index fell more than 300 points; the S&P 500 index fell 1.2%, the most significant one-day drop since August 23.

EUR/USD

After the close in London, EUR / USD rose and challenged the 1.0960 resistance. The level of buyer defeat is 1.0960 resistance, then 1.0985.

According to the daily chart, the bear market trend for shared currencies is lower than the main daily Simple Moving Average (DSMA). Disappointing ADP and worth performance of the ISM triggered negative sentiment in the dollar and the market.