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Forex News: U.S. Dollar Muted After ADP Private Payrolls Data;

U.S. Dollar Muted After ADP Private Payrolls Data; Fed Decision Awaited

05/02/2018 - 09:35:00 (RTTNews)

(RTTNews) - The U.S. dollar showed muted trading against its major counterparts in the European session on Wednesday, after the release of ADP data that showed U.S. private sector employment grew more than anticipated in April. Investors awaited the Fed decision for clues about the pace of rate hikes this year.

Data from payroll processor ADP showed that private sector employment surged up by 204,000 jobs in April after spiking by a revised 228,000 jobs in March.

Economists had expected private sector employment to shoot up by about 200,000 jobs compared to the jump of 241,000 jobs originally reported for the previous month.

The Federal Open Market Committee concludes its two-day meeting at 2:00 pm ET.

The Federal Reserve is widely expected to keep the benchmark interest rate unchanged in the range of 1.5 - 1.75 percent.

As the Fed had already signaled the possibility of at least two more hikes this year, investors will be watching the statement for hints of a rate hike in June.

There is no press conference to follow the Fed's announcement.

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

The greenback held steady at 1.2008 against the euro, after having rebounded from a low of 1.2032 hit at 3:30 am ET. The pair was valued at 1.1992 at yesterday's close.

Final data from IHS Markit showed that Eurozone manufacturing activity grew at a slower pace at the start of the second quarter but slightly better than the initially estimated rate.

The final Purchasing Managers' Index fell to a 13-month low of 56.2 in April from 56.6 in March. The flash reading was 56.0.

Having peaked near a 3-month high of 109.92 against the yen at 7:00 pm ET, the greenback wobbled during the course of trading session. At Tuesday's close, the pair was quoted at 109.86.

Data from Cabinet Office showed that Japan's consumer confidence weakened unexpectedly in April after remaining stable in the previous month.

The seasonally adjusted consumer confidence index dropped to an eight-month low of 43.6 in April from 44.3 in March.

The greenback bounced off to 0.9964 against the franc, from a low of 0.9936 hit at 3:30 am ET. The greenback is likely to find resistance around the 1.01 level.

Survey data from the State Secretariat for Economic Affairs showed that Switzerland's consumer confidence weakened in April.

The consumer confidence index fell to 2 in April from 5 in January. The score is forecast to drop slightly to 4 in April.

The greenback remained lower at 1.3644 against the pound, following near a 4-month high of 1.3580 hit at 2:00 am ET. The greenback is seen finding support around the 1.38 level.

Survey data from IHS Markit showed that U.K. construction sector rebounded in April from the weather-related disruptions seen in March.

The Markit/Chartered Institute of Procurement & Supply construction Purchasing Managers' Index rose to 52.5 in April from a 20-month low of 47.0 in March.

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