U.S. Dollar Mixed After ADP Private Payrolls Data
The U.S. dollar showed mixed performance against its major
rivals in the European session on Wednesday, after a data showed
that the nation's private sector employment increased slightly more
than expected in the month of November. Data from payroll processor
ADP showed that private sector employment shot up by 534,000 jobs
in November after surging by a revised 570,000 jobs in October.
Economists had expected private sector employment to jump by
about 525,000 jobs compared to the addition of 571,000 jobs
originally reported for the previous month.
In his testimony before the Senate Banking Committee on Tuesday,
Powell said that it is appropriate to discuss an acceleration in
the pace of tapering of asset purchases at the December meeting in
the wake of strong inflationary pressures.
Powell said that the economy is very strong and inflationary
pressures are higher, adding that the Fed could complete the
tapering process perhaps a few months sooner.
Powell's comments raised hopes of a faster pace of tightening by
the Fed despite concerns over the Omicron variant of the
Powell and Treasury Secretary Janet Yellen will appear before
the House Financial Services Committee at 10 am ET.
The greenback showed mixed performance against its major peers
in the Asian session. While it fell against the pound and the
franc, it was steady against the euro. Versus the yen, it rose.
The greenback rose to 0.9218 against the franc, from a low of
0.9173 seen at 3 am ET. At yesterday's trading close, the pair was
quoted at 0.9183. The greenback is seen finding resistance around
the 0.94 mark.
The greenback pulled back to 113.21 against the yen, after
rising to 113.63 at 1:30 am ET. The greenback may challenge support
around the 122.00 mark.
The latest survey from Jibun Bank showed that Japan
manufacturing sector continued to expand in November, and at a
faster pace, with a seasonally adjusted manufacturing PMI score of
That's up from 53.2 in October and it moves further above the
boom-or-bust line of 50 that separates expansion from
The greenback held steady against the euro, after a rise to
1.1303 at 3:45 am ET. The pair was worth 1.1337 when it closed
deals on Tuesday.
Final survey results from IHS Markit showed that the euro area
manufacturing sector growth nearly stabilized in November,
following a four-month slowdown from June's record expansion.
The factory Purchasing Managers' Index rose slightly to 58.4 in
November from 58.3 in the previous month. The flash reading was
58.6. A reading above 50.0 indicates expansion.
The greenback was trading at 1.3328 against the pound, down from
a high of 1.3276 set at 4 am ET. The pound-greenback pair had ended
yesterday's trading session at 1.3296. On the downside, 1.35 is
possibly seen as the next support level for the greenback.
Final survey results from IHS Markit showed that the UK
manufacturing sector grew at a faster pace in November despite
stretched supply chains disrupting production schedule.
The Chartered Institute of Procurement & Supply
manufacturing Purchasing Managers' Index rose to a three-month high
of 58.1 in November from 57.8 in October. The flash reading was
U.S. ISM manufacturing PMI for November and construction
spending for October are set for release in the New York
Federal Reserve Chair Jerome Powell will testify on the CARES
Act, along with Treasury Secretary Janet Yellen before the House
Financial Services Committee in Washington DC at 10:00 am ET.
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