Dollar Mixed After ADP Private Payrolls Data

Trading 02 oct 2019 Donner votre avis

The U.S. dollar showed mixed trading against its major counterparts in the European session on Wednesday, after the release of ADP data that showed U.S. private sector job growth improved less than forecasts in September.

Data from payroll processor ADP showed that private sector employment rose slightly less than expected in the month of September.

ADP said private sector employment climbed by 135,000 jobs in September compared to economist estimates for an increase of about 140,000 jobs.

The report also showed a significant downward revision to the increase in private sector jobs in August, which was slashed to 157,000 jobs from the originally reported 195,000 jobs.

The Labor Department is scheduled to release its more closely watched monthly jobs report on Friday.

Employment is expected to increase by 140,000 jobs in September after rising by 130,000 jobs in August, while the unemployment rate is expected to hold at 3.7 percent.

The currency was modestly higher against its major counterparts in the Asian session, excepting the euro.

The greenback advanced to more than a 4-month high of 1.0027 against the franc from an early 2-day low of 0.9921. The greenback is seen finding resistance around the 1.02 level.

Data from the Federal Statistical Office showed that Swiss consumer price inflation eased to the lowest in 33 months in September.

Inflation eased to 0.1 percent in September from 0.3 percent in August. Economists had forecast the rate to remain unchanged at 0.3 percent.

The greenback declined to a 6-day low of 107.45 against the yen from Tuesday's closing value of 107.74. The next possible support for the greenback is seen around the 106.00 level.

Data from the Cabinet Office showed that Japan's consumer confidence fell to the lowest level in more than eight years in September.

The consumer confidence index fell to a seasonally adjusted 35.6 in September from 37.1 in August.

The greenback edged down to 1.0935 against the euro, off an early high of 1.0904. The currency is likely to locate support around the 1.12 level.

Reversing from an early high of 1.2227 against the pound, the greenback weakened to 1.2298. On the downside, 1.27 is possibly seen as the next support level for the greenback.

Survey data from IHS Markit showed that the UK construction sector contracted further in September.

The IHS Markit/Chartered Institute of Procurement & Supply construction Purchasing Managers' Index fell to 43.3 in September from 45.0 in August. The score was forecast to remain unchanged at 45.0.

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