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5 Feb 2025

US ADP private sector employment rises 183,000 in January vs. 150,000 expected

Employment in the US private sector rose at a stronger pace than expected in January.
US Dollar Index stays deep in negative territory near 107.50.

Private sector employment in the US rose 183,000 in December and annual pay was up 4.7% year-over-year, the Automatic Data Processing (ADP) reported on Wednesday. This reading followed the 176,000 (revised from 122,000) increase recorded in December and came in above the market expectation of 150,000.

Assessing the survey's findings, “we had a strong start to 2025 but it masked a dichotomy in the labor market,” said Nela Richardson, chief economist, ADP. “Consumer-facing industries drove hiring, while job growth was weaker in business services and production.”

Market reaction

The US Dollar Index struggles to stage a rebound after this data and was last seen losing 0.42% on the day at 107.55.

Feb 5, 2025

EUR stretches rebound to low 1.04s – Scotiabank

Weaker than expected PMIs from Spain, downward revisions to French data and a minor upgrade for the German Composite index saw the final Eurozone January Services index marked lower than the preliminary release at 51.3 (from 51.4) while the Composite Index was unchanged at 50.1, Scotiabank's Chief FX Strategist Shaun Osborne notes.

BoE expected to cut 25bps Thursday – Scotiabank

Final January UK PMI data were revised lower but both Services and Composite activity remained in expansion territory (at 50.8 and 50.6 respectively), Scotiabank's Chief FX Strategist Shaun Osborne notes.