Dollar Muted After ADP Private Sector Employment Report
01 Luglio 2020 - 12:26PM
RTTF2
The U.S. dollar showed muted trading against its major
counterparts in the European trading session on Wednesday,
following the release of ADP data showing private sector job growth
for June. Investors await minutes from the recent Fed meeting due
later today.
Data from payroll processor ADP showed a significant increase in
private sector employment in June as well as a substantial upward
revision to the data for May.
ADP said private sector employment jumped by 2.369 million jobs
in June, which was below economist estimates for a spike of about
3.000 million jobs.
The Institute for Supply Management's manufacturing index for
June is due at 10:00 am ET. Economists expect the index to rise to
49.5 in June from 43.1 in May.
The Federal Reserve releases the minutes from the June policy
meeting at 2:00 pm ET. The minutes may shed light on policy makers'
opinions related to implementation of curve control.
All-important nonfarm payrolls data is due tomorrow. The U.S.
economy is expected to have added 3 million jobs during the month,
up from a gain of 2.5 million jobs in May.
The currency rose against its major counterparts in the Asian
session, excepting the franc.
The greenback fell to a 5-day low of 1.2427 against the pound
from Tuesday's closing value of 1.2399. The greenback is seen
finding support around the 1.28 level.
Final data from IHS Markit showed that the UK manufacturing
sector showed signs of stabilizing in June, following the steep
downturn caused by the coronavirus, or Covid-19, pandemic.
The Chartered Institute of Procurement & Supply/ IHS Markit
manufacturing Purchasing Managers' Index rose sharply to 50.1 in
June from 40.7 in May. The reading came in line with the flash
estimate.
The greenback weakened to a 2-day low of 107.36 against the yen,
after rising to 108.17 in the Asian session, which was its highest
since June 9. The pair was worth 107.92 when it ended deals on
Tuesday. The next possible support for the greenback is seen around
the 104.00 level.
Data from the Cabinet Office showed that Japan's consumer
confidence improved for the second straight month in June.
On a seasonally adjusted basis, the consumer confidence index
increased to 28.4 in June from 24.0 in May.
The greenback pulled back to 1.1239 against the euro, from a
9-day high of 1.1185 seen at 7:30 am ET. The pair had closed
Tuesday's deals at 1.1233. If the greenback drops further, 1.14 is
possibly seen as its next support level.
Data from the Federal Employment Agency showed that German
unemployment increased less than expected in June.
The number of unemployed persons rose by 69,000 in June,
compared to economists' forecast of 120,000. In May, the number of
people out of work increased by 237,000.
The greenback held steady against the franc, after having
recovered from a 2-day low of 0.9458 set at 4:15 am ET. At
Tuesday's close, the pair was valued at 0.9472.
At 2:00 pm ET, the Fed releases minutes from June 9-10
meeting.
Grafico Cross Euro vs US Dollar (FX:EURUSD)
Da Feb 2024 a Mar 2024
Grafico Cross Euro vs US Dollar (FX:EURUSD)
Da Mar 2023 a Mar 2024