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ADP report signals towards a strong NFP

Private sector employment increased by 298,000 jobs from January to February according to the official February ADP National Employment Report. The increase in construction (66,000) and manufacturing jobs (32,000) led the surge as the total number shattered market expectations of 190,000. As businesses are expecting tax cuts and fewer regulations as pledged by President Donald Trump, they are hiring aggressively.

"February proved to be an incredibly strong month for employment with increases we have not seen in years," Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, said in a statement.

The probability of a March rate hike jumped to 91% following the data and DXY leaped above 102. The positive ADP numbers could change the expectations of Friday's NFP data as, in recent months, the correlation between ADP and NFP has improved. 

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