Is ADP National Employment Report significant?

Beginner Questions
1

Hi pips.
ADP National Employment Report was published a quarter hour ago, and it was mentioned that degree of significance of the result was high. The result dropped from the forecast as shown down below.

image
image1172×178 10.7 KB

So, this means that the USD is going to drop in value in front of other stronger currencies like EUR, or GOLD. But what I noticed is there was only a very short movement in price after the news release and it swung up and down without picking up a straight direction. What happened here? Is this economic indicator not so significant as believed or is it that the extent of result drop is not significant enough to control the market ?

2

It seems to be commonly graded Medium significance. Personally I disregard everything which isn’t High. Less weighty data can move markets, but they don’t often produce big continuation or reversal moves. High impact news produces plenty of opportunity and usually market reaction itself following High news is not quickly reversed.

2 Likes
3

yea same here for me. I filter the news on forexfactory to show only medium and high impact news

4

Hey pipper!

As it is labeled, is a medium-sized report and as @tommor, I wouldn’t care that much if it isn’t anything at least high.