Today’s economic data kicked off with the release of the ADP employment report, one of the better leading indicators for Friday’s marquee NFP report. The massive payroll provider determined that the US economy created 185k jobs last month, below the 216k expected by economists and traders. The June report was also revised down slightly, from 237k to 229k.
It’s been a quiet overnight session for most major currencies as market participants refrained from placing large trades ahead of today’s FOMC meeting. As we noted yesterday, the central bank is unlikely to make any outright changes to monetary policy, but the wording of the accompanying statement could tilt the scales in the hotly-contested “September vs. December” (for the first rate hike) debate.