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USD Ticks Lower Post ADP, Light Bond Bid

CROSS ASSET

A very modest move lower in the BBDXY in the wake of the softer-than-expected ADP employment print (+107K vs. exp. +150K and prior rev. +158K from +164K), while core global FI markets see a slight bid. A reminder that the release provided mixed success re: “predicting” NFPs before the statistical updates that were implemented post-COVID. It’s predictive track record in the time since those alterations is worse.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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