Market Highlight 02.10.2025

ADP payrolls data released late Wednesday showed that the U.S economy shed 32.000 private-sector jobs in September, a sharper decline than the 3.000 jobs lost in August and well below economists’ forecasts for a gain of around 45.000 jobs. While ADP’s report does not include Government employment, markets are paying closer attention at this juncture as the official nonfarm payrolls report from the Bureau of Labor Statistics - scheduled for release on Friday - will be delayed if the Federal Government shutdown persists. The pickup in job losses last month is the latest indication that the U.S labor market is weakening. Job growth has slowed markedly this year, even as the unemployment rate has remained relatively steady. According to ADP, the leisure and hospitality sector lost 19.000 jobs in September - the steepest decline among major industries - while education and health services added 33.000 jobs, providing the strongest offset.

The USD Index fell for a fourth consecutive session (-0,08%), slipping to a two-week low against the JPY as weaker private payrolls data bolstered expectations that the Federal Reserve will cut interest rates two more times this year. Meanwhile, the USD came under additional pressure after the U.S Government officially entered a shutdown on Tuesday, when the Senate rejected a short-term spending bill to keep Federal operations running through November 21.

In Vietnam, the USD/VND interbank exchange rate closed at 26.425 on Wednesday, though the market saw a sharp intraday pullback to 26.365 following the State Bank of Vietnam’s announcement of 180-day cancellable USD forward sales. The exchange rate is expected to continue trading above 26.400 in today’s session.

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