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Forex News: Dollar Mixed After ADP Private Sector Jobs Data

Dollar Mixed After ADP Private Sector Jobs Data

09/02/2020 - 09:17:00 (RTTNews)

(RTTNews) - The U.S. dollar showed mixed trading against its major counterparts in the European session on Wednesday, after payroll processor ADP reported lower than expected private sector job growth for August.

ADP said private sector employment increased by 428,000 jobs in August after rising by an upwardly revised 212,000 jobs in July.

Economists had expected employment to jump by 950,000 jobs compared to the addition of 167,000 jobs originally reported for the previous month.

The economic calendar also includes factory orders for July at 10 am ET and the Federal Reserve's Beige book report at 2 pm ET.

The ADP data serves a precursor to much anticipated nonfarm payrolls data, which will be released on Friday.

U.S. employment is expected to increase by 1.4 million jobs in August after an increase of 1.76 million jobs in July. The unemployment rate is seen falling to 9.8 percent from 10.2 percent.

The greenback rose in the previous session as better than expected ISM manufacturing index signaled some improvement in the economic recovery.

After advancing to a 5-day high of 1.1845 at 7:30 am ET, the greenback held steady against the euro. The pair had closed Tuesday's deals at 1.1911.

Data from the Federal Statistical Office showed that German retail sales declined for a second straight month in July, defying expectations for a rebound after the coronavirus pandemic-related lockdown curbs were eased.

Retail sales fell 0.9 percent month-on-month, while economists had forecast a 0.5 percent increase.

The greenback held steady at 1.3353 against the pound, following a 4-day gain to 1.3325 at 3:35 am ET. The pound-greenback pair had finished yesterday's trading session at 1.3382.

Data from Nationwide Building Society showed that UK house prices increased the most since early 2004 as the property market showed signs of recovery following the easing of lockdown restrictions.

House prices advanced by more-than-expected 2 percent on month in August, faster than the 1.8 percent rise seen in the previous month.

The greenback eased off slightly to 106.11 against the yen, from a 5-day high of 106.29 hit at 7:50 am ET. The pair was worth 105.94 when it ended deals on Tuesday.

The greenback was trading at 0.9115 against the franc, down from near a 2-week high of 0.9137 set at 4:00 am ET. At Tuesday's close, the pair was valued at 0.9093. The greenback is poised to test support around the 0.88 level.

Looking ahead, U.S. factory orders for July and the Federal Reserve's Beige book report are set for release in the New York session.

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