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GBP/JPY: Double top may spell double trouble
As the sun rises a hump day in the US, traders are ramping up for a busy final 48 hours of economic data. Earlier this morning, payroll provider ADP released its estimate of the August non-farm employment change, with the widely-watched leading indicator for NFP coming in at 190k, slightly below the 200k reading expected. In another mosquito-bite-sized annoyance for dollar bulls, the July ADP employment report was revised lower by 8k jobs, leaving the measure at 177k. Perhaps more significantly, a separate report on productivity from the BLS showed that “unit labor costs” (essentially a measure of employee wages) ... (full story)