U.S. Dollar Drops Amid Soft ADP Data
31 Januar 2024 - 11:59AM
RTTF2
The U.S. dollar declined against its major counterparts in the
New York session on Wednesday, as the nation's private sector job
growth slowed more than expected in January.
Data from payroll processor ADP showed that private sector
employment rose by 107,000 jobs in January after climbing by a
downwardly revised 158,000 jobs in December.
Economists had expected private sector employment to increase by
145,000 jobs compared to the addition of 164,000 jobs originally
reported for the previous month.
The Federal Reserve will announce its monetary policy decision
at 2 pm ET and market participants largely expect the committee to
keep interest rate unchanged at 5.50 percent.
Optimism about a March rate cut has faded recently, with many
economists now suggesting the Fed will wait until May to begin
lowering rates.
The greenback fell to a 5-day low of 1.0863 against the euro and
a fresh 2-week low of 0.8596 against the franc, from a previous
high of 1.0806 and a 2-day high of 0.8643, respectively. The
greenback is seen finding support around 1.10 against the euro and
0.83 against the franc.
The greenback weakened to 1.2715 against the pound and 147.36
against the yen, off its early highs of 1.2666 and 147.89,
respectively. The greenback is poised to challenge support around
1.31 against the pound and 137.5 against the yen.
The greenback dropped to a fresh 2-week low of 0.6153 against
the kiwi and more than a 2-week low of 1.3387 against the loonie,
from its early highs of 0.6108 and 1.3437, respectively. The
greenback may possibly face support around 0.64 against the kiwi
and 1.28 against the loonie.
The greenback declined to 0.6607 against the aussie, down from a
previous 8-day high of 0.6559. If the greenback falls further, it
is likely to test support around the 0.69 region.
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