8:15am (NY Time) US ADP NFP Changes Forecast -250K Previous -371K
ACTION: USD/JPY BUY -180K SELL -320K
Leads the government-released employment data by 2 days, and has slowly demonstrated its predictive qualities since its May 2006 debut. Source changed the calculation methodology in Feb 2007 and Dec 2008 to better align with the government’s data.
UPDATE: It was a no trade because we didn’t get our tradable deviation plus the immediate market reaction to the news was rather muted. Although the market moved significantly in about a couple of hours, we had a mostly ranged trading day which proved me correct on staying out of the market.