According to @KobeissiLetter, US ADP Private Payrolls reportedly fell by 32,000 jobs in November versus a consensus gain of 10,000 expected. Source: @KobeissiLetter. The author adds that the Federal Reserve will have no choice but to cut rates again, highlighting a dovish policy view tied to the softer labor signal. Source: @KobeissiLetter. For traders, downside surprises in ADP data are often interpreted as dovish for rates and the US dollar, a setup that can be supportive for risk assets such as BTC and ETH during rate-cut repricing episodes. Source: CME FedWatch Tool; Federal Reserve communications on data-dependent policy. Next catalysts to confirm or refute labor softness and its market impact include the official ADP release details and the Bureau of Labor Statistics Nonfarm Payrolls report later this week. Source: ADP Research Institute; U.S. Bureau of Labor Statistics.