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Forex News: U.S. Dollar Mixed After ADP Data

U.S. Dollar Mixed After ADP Data

04/03/2019 - 09:39:00 (RTTNews)

(RTTNews) - The U.S. dollar came in mixed against its major counterparts in the European session on Wednesday, after a data showed that the economy created fewer private sector jobs than expected in March, cementing chances for a Fed rate hike pause this year.

Data from payroll processor ADP showed that U.S. private sector employment rose by 129,000 jobs in March after jumping by an upwardly revised 197,000 jobs in February.

Economists had expected employment to increase by 170,000 jobs compared to the addition of 183,000 jobs originally reported for the previous month.

The data serves as a precursor to Friday's jobs data, which includes both public and private sector jobs.

The Labor Department report is expected to show the employment to have climbed by 180,000 jobs in March after inching up by just 20,000 jobs in February. The unemployment rate is expected to hold at 3.8 percent.

Earlier in the European session, the greenback weakened amid safe-haven status as investors cheered encouraging data from China and signs of progress in U.S.-China trade talks.

The currency showed mixed trading against its major counterparts in the Asian session. While the greenback fell against the euro and the pound, it held steady against the franc. Against the yen, the greenback rose.

The greenback pulled back to 111.41 against the yen, from a 2-week high of 111.58 hit at 3:00 am ET. The currency had set a 2-day low of 111.21 against the yen in the Asian session. The greenback is seen finding support around the 110.00 level.

The latest survey from Nikkei showed that Japan's services sector continued to expand in March, albeit at a slightly lower pace, with a services PMI score of 52.0.

That's down from 52.3 in February, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

The greenback remained lower at 0.9964 against the franc, after having dropped to a 2-day low of 0.9957 at 5:15 am ET. The pair had finished yesterday's trading at 0.9979.

The greenback staged a modest rebound to 1.1231 against the euro, following a 6-day low of 1.1255 touched at 5:45 am ET. Next key resistance for the greenback is likely seen around the 1.10 level.

Preliminary data from Eurostat showed that Eurozone retail sales grew for a second consecutive month and at a faster-than-expected pace in February.

Retail sales rose 0.4 percent month-on-month in February, surpassing economists' expectations for 0.10 percent growth.

After declining to a 6-day low of 1.3196 against the pound at 4:00 am ET, the greenback held steady in subsequent deals. The pair was valued at 1.3133 when it ended deals on Tuesday.

Survey data from IHS Markit showed that UK service sector shrunk for the first time in over two-and-a-half years in March as domestic political uncertainty damped demand amid labor shortages.

The CIPS/IHS Markit services purchasing managers' index, or PMI fell to 48.9 in March from 51.3 in February. Economists had expected a score of 51.

The U.S. ISM non-manufacturing composite index and Markit's services PMI for March will be released shortly.

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