Weak ADP Jobs Data Sends U.S. Dollar Down
(RTTNews) - The U.S. dollar declined against its major counterparts in the European session on Wednesday, as weaker-than-expected ADP private sector employment data for September eased concerns about the interest rate outlook.
Data from payroll processor ADP showed that private sector employment rose by 89,000 jobs in September after climbing by an upwardly revised 180,000 jobs in August.
Economists had expected private sector employment to increase by 153,000 jobs compared to the addition of 177,000 jobs originally reported for the previous month.
The data strengthened expectations that the Federal Reserve may stop raising interest rates soon.
Treasury yields pulled back after the data. The benchmark yield on the 10-year treasury note fell to 4.77 percent.
The greenback eased to 148.77 against the yen and 0.6342 against the aussie, from its early highs of 149.31 and 0.6286, respectively. The greenback is seen finding support around 144.00 against the yen and 0.65 against the aussie.
The greenback slipped to 1.0532 against the euro and 0.9143 against the franc, setting 2-day lows. The next likely support for the greenback is seen around 1.08 against the euro and 0.90 against the franc.
The greenback fell to 0.5923 against the kiwi, down from an early nearly 4-week high of 0.5870. If it falls further, 0.62 is possibly seen as its next support level.
The greenback declined to a 2-day low of 1.2176 against the pound, from an early nearly 7-month high of 1.2037. The greenback is poised to find support around the 1.24 level.
In contrast, the greenback advanced to a 6-1/2-month high of 1.3779 against the loonie. On the upside, 1.41 is possibly seen as its next resistance level.
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