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Forex News: Dollar Mixed After ADP Private Payrolls Data

Dollar Mixed After ADP Private Payrolls Data

05/06/2020 - 09:23:00 (RTTNews)

(RTTNews) - The U.S. dollar showed mixed performance against its key counterparts in the European session on Wednesday, after a data showed that the nation's private sector employment nosedived in April.

Data from payroll processor ADP showed that private sector employment plunged by 20.236 million jobs in April after slumping by a revised 149,000 jobs in May.

Economists had expected employment to tumble by 20.050 million jobs compared to the loss of 27,000 jobs originally reported for the previous month.

Investors await U.S. non-farm payrolls data for April, due on Friday. The economy is expected to lose over 21 million jobs as the unemployment rate surges to 16.0 percent from 4.4 percent.

The currency showed mixed trading in the Asian session. While it fell against the yen, it gained slightly against the euro, the franc and the pound.

The greenback dropped to 106.06 against the yen, its lowest level since March 17. The currency is seen finding support around the 102.00 mark.

The greenback held steady against the euro, after rising to near a 2-week high of 1.0782 at 6:00 am ET. The pair was worth 1.0837 when it ended deals on Tuesday.

Final survey results from IHS Markit showed that the euro area private sector experienced a record downturn in April due to the severe disruption caused by the coronavirus, or covid-19, pandemic.

The composite output index slid to a new series low of 13.6 from March's 29.7. The flash score was 13.5.

The greenback appreciated to near a 2-week high of 1.2358 against the pound and traded sideways thereafter. At Tuesday's close, the pair was valued at 1.2431.

Survey data from IHS Markit showed that the UK construction sector contracted at the sharpest pace since the survey began in 1997 amid site closures due to the coronavirus, or covid-19, pandemic.

The IHS Markit/Chartered Institute of Procurement & Supply construction Purchasing Managers' Index fell to 8.2 in April from 39.3 in March. A score below 50 indicates contraction. The expected score was 22.0.

The greenback eased off to 0.9732 against the franc, from a 6-day high of 0.9759 set at 5:40 am ET. Next key support for the greenback is likely seen around the 0.95 level.

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