FOREX TradingCharts.com

Forex News: U.S. Dollar Bounces Back After Strong ADP Data

U.S. Dollar Bounces Back After Strong ADP Data

04/04/2018 - 09:37:00 (RTTNews)

(RTTNews) - The U.S. dollar erased its early losses against its most major rivals in the European session on Wednesday, following a data from ADP showing stronger than expected private sector job growth in March.

Data from payroll processor ADP showed that U.S. employment surged up by 241,000 jobs in March after jumping by an upwardly revised 246,000 jobs in February.

Economists had expected an increase of about 205,000 jobs compared to the addition of 235,000 jobs originally reported for the previous month.

Investors await the Institute for Supply Management's report on service sector activity for March, due at 10:00 am ET.

The ISM's non-manufacturing index is expected to edge down to 59.0 in March from 59.5 in February, although a reading above 50 would still indicate growth in the service sector.

The Commerce Department is also set to release report on new orders for manufactured goods in the month of February. Factory orders are expected to jump by 1.7 percent.

The currency declined early in the session after China announced reciprocal tariffs on U.S. prducts worth $50 billion.

The Chinese Ministry of Commerce said it plans to impose a 25 percent tariff on U.S. exports, including aircraft, cars, soybeans, and whiskey.

The announcement by China came shortly after the U.S. Trade Representative published a proposed list of products imported from China that could be subject to additional tariffs.

The greenback was trading higher at 0.7684 against the aussie and 1.2837 against the loonie, up from its early 8-day low of 0.7717 and a 5-week low of 1.2775,respectively. The next possible resistance for the greenback is seen around 0.75 against the aussie and 1.30 against the loonie.

The greenback recovered to 0.9595 against the franc, from a low of 0.9551 hit at 4:00 am ET. This may be compared to more than a 2-month peak of 0.9599 hit at 3:15 am ET. The greenback is seen finding resistance around the 0.98 region.

The greenback remained higher at a 5-day high of 1.4015 against the pound, coming off from an early weekly low of 1.4097. On the upside, 1.39 is seen as the next resistance level for the greenback.

Survey data from IHS Markit showed that U.K. construction activity contracted unexpectedly in March following five months of marginal growth.

The IHS Markit/Chartered Institute of Procurement & Supply construction Purchasing Managers' Index fell to 47.0 in March from 51.4 in February. The reading was expected to ease to 51.0.

The greenback bounced off to 1.2271 against the euro, from an early low of 1.2314. The greenback is likely to find resistance around the 1.20 region.

Flash data from Eurostat showed that Eurozone inflation accelerated in March largely on food prices.

Inflation rose to 1.4 percent in March from 1.1 percent in February. A similar higher rate was last seen in December.

The greenback held steady against the yen after the data, after having fallen to 105.99 at 4:00 am ET. This may be compared to a 6-day high of 106.69 hit at 2:45 am ET. The pair finished Tuesday's trading at 106.60.

The U.S. factory orders for February, Markit's services PMI and ISM non-manufacturing composite index for March are set for release shortly.

At 11:00 am ET, Cleveland Fed President Loretta Mester speaks about diversity in economics at Central State University in Ohio.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2018 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Carney's Remarks Drags Down Sterling (42 min(s), 12 sec(s) ago)
(RTTNews) - The pound slipped against its major counterparts in Asian session on Friday, as the Ba ...Full Story»

Dollar Rising After Mixed Economic Reports (53 min(s), 47 sec(s) ago)
(RTTNews) - The dollar is up against all of its major rivals Thursday afternoon. Traders are react ...Full Story»

Canadian Dollar Climbs On Higher Oil Prices (32 min(s), 47 sec(s) ago)
(RTTNews) - The Canadian dollar advanced against its major counterparts in the European session on ...Full Story»

Dollar Little Changed After Weekly Jobless Claims (41 min(s), 47 sec(s) ago)
(RTTNews) - Following the release of U.S. Jobless Claims for the week ended April 14 at 8.30 am ET ...Full Story»

Dollar Mixed Ahead Of Weekly Jobless Claims (35 min(s), 47 sec(s) ago)
(RTTNews) - The U.S. labor department's Jobless Claims for the week ended April 14 will be pub ...Full Story»

Pound Slides As U.K. Retail Sales Fall More Than Forecast (50 min(s), 47 sec(s) ago)
(RTTNews) - The pound dropped against its major counterparts in early European deals on Thursday, ...Full Story»

Pound Drops Further After U.K. Retail Sales (18 min(s), 13 sec(s) ago)
(RTTNews) - Following the release of UK retail sales data for March at 4:30 am ET Thursday, the po ...Full Story»

Pound Slides Ahead Of U.K. Retail Sales (24 min(s), 13 sec(s) ago)
(RTTNews) - The Office for National Statistics is scheduled to release UK retail sales data for Ma ...Full Story»

Search

FOREX NEWS

Carney's Remarks Drags Down Sterling

04/20/2018 - 04:11 AM (RTTNews)
(RTTNews) - The pound slipped against its major counterparts in Asian session on Friday, as the Ba ...Full Story>>

Dollar Rising After Mixed Economic Reports

04/19/2018 - 14:45 PM (RTTNews)
(RTTNews) - The dollar is up against all of its major rivals Thursday afternoon. Traders are react ...Full Story>>

Canadian Dollar Climbs On Higher Oil Prices

04/19/2018 - 09:24 AM (RTTNews)
(RTTNews) - The Canadian dollar advanced against its major counterparts in the European session on ...Full Story>>

Dollar Little Changed After Weekly Jobless Claims

04/19/2018 - 08:33 AM (RTTNews)
(RTTNews) - Following the release of U.S. Jobless Claims for the week ended April 14 at 8.30 am ET ...Full Story>>

Dollar Mixed Ahead Of Weekly Jobless Claims

04/19/2018 - 08:28 AM (RTTNews)
(RTTNews) - The U.S. labor department's Jobless Claims for the week ended April 14 will be pub ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.