Dollar Mixed After ADP Private Sector Jobs Data
02 Settembre 2020 - 11:17AM
RTTF2
The U.S. dollar showed mixed trading against its major
counterparts in the European session on Wednesday, after payroll
processor ADP reported lower than expected private sector job
growth for August.
ADP said private sector employment increased by 428,000 jobs in
August after rising by an upwardly revised 212,000 jobs in
July.
Economists had expected employment to jump by 950,000 jobs
compared to the addition of 167,000 jobs originally reported for
the previous month.
The economic calendar also includes factory orders for July at
10 am ET and the Federal Reserve's Beige book report at 2 pm
ET.
The ADP data serves a precursor to much anticipated nonfarm
payrolls data, which will be released on Friday.
U.S. employment is expected to increase by 1.4 million jobs in
August after an increase of 1.76 million jobs in July. The
unemployment rate is seen falling to 9.8 percent from 10.2
percent.
The greenback rose in the previous session as better than
expected ISM manufacturing index signaled some improvement in the
economic recovery.
After advancing to a 5-day high of 1.1845 at 7:30 am ET, the
greenback held steady against the euro. The pair had closed
Tuesday's deals at 1.1911.
Data from the Federal Statistical Office showed that German
retail sales declined for a second straight month in July, defying
expectations for a rebound after the coronavirus pandemic-related
lockdown curbs were eased.
Retail sales fell 0.9 percent month-on-month, while economists
had forecast a 0.5 percent increase.
The greenback held steady at 1.3353 against the pound, following
a 4-day gain to 1.3325 at 3:35 am ET. The pound-greenback pair had
finished yesterday's trading session at 1.3382.
Data from Nationwide Building Society showed that UK house
prices increased the most since early 2004 as the property market
showed signs of recovery following the easing of lockdown
restrictions.
House prices advanced by more-than-expected 2 percent on month
in August, faster than the 1.8 percent rise seen in the previous
month.
The greenback eased off slightly to 106.11 against the yen, from
a 5-day high of 106.29 hit at 7:50 am ET. The pair was worth 105.94
when it ended deals on Tuesday.
The greenback was trading at 0.9115 against the franc, down from
near a 2-week high of 0.9137 set at 4:00 am ET. At Tuesday's close,
the pair was valued at 0.9093. The greenback is poised to test
support around the 0.88 level.
Looking ahead, U.S. factory orders for July and the Federal
Reserve's Beige book report are set for release in the New York
session.
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