The JOLTS job openings yesterday here showed that markets are susceptible to data releases even as we await the Fed policy decision later today. It is jobs week in the US after all and this builds up towards the non-farm payrolls report on Friday. For today, there is the ADP employment data that will be released.
More often than not, the data here feels like going to the roulette table. It isn’t the best, or even a good, indicator of what to expect on Friday. However, it is still a release that traders tend to react towards and that will make it an appetiser before the Fed later.
In December, the ADP employment change showed an increase of 164k and that was above estimates of 145k. For the January release, it is expected to show an increase of 145k.