8:15am (NY Time) US ADP NFP Changes Forecast -351K Previous -473K
ACTION: USD/JPY BUY -280K SELL -420K
Definition:
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: ADP came out worse than expected but not enough for us to get into a trade. I saw immediate market risk aversion moves and decided not to get into the market based on this release. (I am already in a trade at the time).
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