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Forex News: Dollar Falls As ADP Private Sector Job Growth

Dollar Falls As ADP Private Sector Job Growth Slows

07/06/2017 - 09:57:00 (RTTNews)

(RTTNews) - The U.S. dollar slipped against its major counterparts in early New York deals on Thursday, as a data showed slower than expected private payrolls growth in June, raising expectations that the Fed would hike rates slowly.

Data from the payroll processor ADP showed that U.S. private sector employment rose less than expected in June.

ADP said private sector employment climbed by 158,000 jobs in June after jumping by a revised 230,000 jobs in May.

Economists had expected an increase of about 185,000 jobs compared to the addition of 253,000 jobs originally reported for the previous month.

The Labor Department is scheduled to release its monthly jobs report tomorrow, which includes both public and private sector jobs.

The report is expected to show an increase of 179,000 jobs in June, and the unemployment report is expected to hold at 4.3 percent.

Meanwhile, data from the Commerce Department showed that the U.S. trade deficit narrowed in the month of May, as exports rose and imports fell.

The report said the trade deficit narrowed to $46.5 billion in May from $47.6 billion in April. Economists had expected the deficit to narrow to $46.2 billion.

The Labor Department report showed an uptick in first-time claims for U.S. unemployment benefits in the week ended July 1.

The report said initial jobless claims edged up to 248,000, an increase of 4,000 from the previous week's unrevised level of 244,000. Economists had expected jobless claims to dip to 243,000.

The greenback has been trading lower against its major rivals in the European session.

The greenback weakened to a 3-day low of 1.2983 against the pound and held steady thereafter. Continuation of the greenback's downtrend may see it challenging support around the 1.32 region.

The greenback that closed Wednesday's trading at 1.1350 against the euro fell to a 3-day low of 1.1398. The greenback is seen finding support around the 1.16 level.

Data from Destatis showed that Germany's factory orders recovered on foreign demand in May.

Factory orders grew 1 percent month-on-month in May, reversing a revised 2.2 percent fall in the previous month. However, the pace of growth was weaker than the expected 1.9 percent.

The greenback pared gains to 113.12 against the yen, from a high of 113.47 hit at 6:00 am ET. If the greenback extends decline, 112.00 is possibly seen as its next support level.

The greenback fell to a 2-day low of 0.9627 against the Swiss franc, after having advanced to 0.9660 at 2:30 am ET. Next likely support for the greenback-franc pair is seen around the 0.94 area.

Data from the Federal Statistical Office showed that Switzerland's inflation eased more than expected in June.

Consumer prices climbed only 0.2 percent year-on-year in June, following the 0.5 percent increase seen in May.

The greenback hit a 2-day low of 1.2923 against the loonie, off its early high of 1.2983. The next possible support for the greenback-loonie pair is seen around the 1.28 mark.

The U.S. ISM non-manufacturing composite index for June is due shortly.

At 10:00 am ET, the Fed Reserve Governor Jerome Powell gives a speech titled "The Case for Housing Finance Reform" at the American Enterprise Institute, in Washington DC.

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