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Dollar Index (USDX) subdued by ADP miss

This update is a little after the fact, but the latest US ADP privately sourced Payroll report has been released not that long ago and it missed on expectations. As noted here yesterday, there is growing evidence that the US economy is slowing and this data from the ADP seems to endorse that. Payrolls were forecast to rise by around 175k. They have only risen by 152k. The previous reading has been revised lower to 188k. Look, this is not a major miss on the downside, but it is a miss all the same and that has helped to send the US stock futures back from their earlier highs. Of course the most important data today is that service sector ISM report and that will need to provide more positivity than this ADP report. That said, the dollar is little changed now, but certainly no higher. The Dollar index (USDX) has remained camped below its 200 day moving average (now at 104.43) all day and it looks like its going to requite a really good ISM report to change that later this afternoon 
 

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