The U.S. ADP Non-farm Employment Change is a very good predictor of the Non-Farm Payrolls report as the ADP Non-farm Employment Change measures the monthly change in non-farm, private employment.
The U.S. ADP Nonfarm Employment Change is usually released two days ahead of the NFP number and it was released this week on Wednesday the 31stof October at 14:15 SAST.
The change in private employment increased to 227K from the expected forecast number of 189K for the month of October 2018.
Take a look at the technicals and chart presented further in this note...
Checking in with the Wall Street 30 chart we can see that the 200-day SMA (white dotted) is acting as resistance now. As per our Wall Street Wednesday note, we can see the price action did not close above the moving average and some downward pressure is expected.
Take note that traders can expect this market to remain volatile over the next couple of trading sessions like we have seen recently.
Source - Bloomberg
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