EURUSD above 1.13 after dismal US data

The ADP report showed an increase in US private employment of just 27k in May – the least since March 2010. On top of other lackluster reports it might be another sign of economic slowdown and the report has only fueled speculation about the interest rate cut. EURUSD surged above 1.13 as a result – the pair has not been this high since mid-April. Traders are still awaiting the ISM non-manufacturing report this afternoon (4pm CET).