The data published by Automatic Data Processing (ADP) showed on Wednesday that private sector employment in the US rose by 242,000 in February. This reading came in higher than the market expectation of 200,000. January's reading of 106,000 got revised higher to 119,000.

Commenting on the data,"we're seeing robust hiring, which is good for the economy and workers, but pay growth is still quite elevated," said Nela Richardson, chief economist, ADP. “The modest slowdown in pay increases, on its own, is unlikely to drive down inflation rapidly in the near-term.”

Further details of the publication revealed that annual pay was up 7.2% on a yearly basis in February, down slightly from 7.3% in January.

Market reaction

This data doesn't seem to be having a significant impact on the US Dollar's valuation for the time being. As of writing, the US Dollar Index was up 0.1% on the day at 105.70.