January ADP Employment Change Data Revised Lower, February Misses

Talking Points:

-ADP Employment Change (FEB) comes in at 139K vs. 155K est.

-January figure revised from 175K to 127K

-Initial USD weakness

The February ADP Employment Change print came in at 139K vs. 155 estimates while the January figure was revised from an impressive 175K to a dismal 127K. The delayed release of the January revision helped push USD/JPY initially lower, but as is usually the case with ADP we saw that move retrace within minutes.

This ADP figure contributes to poor data out of the U.S. in 2014, but we will need to see confirmation of poor NFP data on Friday for any market follow through. We have greater event risk moving forward with ISM Manufacturing as well as the Bank of Canada Rate Decision at 15:00GMT.