ADP Says U.S. Added 253,000 Jobs in May

The transcript discusses the market's reaction to a surprising ADP report, which showed an upside surprise of 253,000 jobs compared to an estimate of 180,000. This led to movements in treasury yields and a stronger dollar. The labor market remains strong, with discouraged workers returning, contributing to growth. The discussion also covers the impact of the yield curve on the dollar and the potential implications for future growth and inflation. The ADP report's correlation with the upcoming NFP report is debated, with experts suggesting it could indicate an upward risk to forecasts.

How does the yield curve affect the strength of the dollar according to the discussion?

What is the consensus forecast for payrolls, and how might the ADP surprise influence this?