The United States released its ADP employment report at 8:15 PM WIB, which serves as a monthly assessment of the changes in non-farm private sector jobs across the country.
The ADP employment data came in at 122,000, significantly lower than market forecasts of 140,000, indicating a slowdown in job growth within the private sector. This figure has raised concerns regarding the economic conditions in the U.S., subsequently leading to a depreciation of the U.S. dollar.
Market reactions to this data have provided a boost to gold prices, which are climbing as a safe-haven asset amidst fears of economic slowdown. Gold is currently trading at $2,659 and could potentially rise even further if U.S. economic indicators continue to reflect weakness. In addition to gold, the currency pairs EURUSD and GBPUSD have also strengthened following the release of this data.
