📉 US ADP Employment Report Turns Negative → Dollar Selling

🏛 Key Context:

With parts of the US government shut down, this week’s official Nonfarm Payrolls (NFP) release is likely to be postponed.
👉 That makes the ADP employment report the market’s only timely gauge of labor market conditions.

📊 ADP Results:

• –32,000 jobs (vs. forecast +51,000)

• Significant downside surprise, with job losses across major sectors.

💱 Market Reaction:

Traders quickly shifted expectations:

• 🔻 More Fed cuts this year now seen as likely.

• 🔻 Markets are pricing in over 1% in total rate cuts by next year.

✅ Trading Bias:

Momentum has turned toward a “sell USD” stance.