U.S. Dollar Bounces Back After Strong ADP Data
04 Avril 2018 - 11:37AM
RTTF2
The U.S. dollar erased its early losses against its most major
rivals in the European session on Wednesday, following a data from
ADP showing stronger than expected private sector job growth in
March.
Data from payroll processor ADP showed that U.S. employment
surged up by 241,000 jobs in March after jumping by an upwardly
revised 246,000 jobs in February.
Economists had expected an increase of about 205,000 jobs
compared to the addition of 235,000 jobs originally reported for
the previous month.
Investors await the Institute for Supply Management's report on
service sector activity for March, due at 10:00 am ET.
The ISM's non-manufacturing index is expected to edge down to
59.0 in March from 59.5 in February, although a reading above 50
would still indicate growth in the service sector.
The Commerce Department is also set to release report on new
orders for manufactured goods in the month of February. Factory
orders are expected to jump by 1.7 percent.
The currency declined early in the session after China announced
reciprocal tariffs on U.S. prducts worth $50 billion.
The Chinese Ministry of Commerce said it plans to impose a 25
percent tariff on U.S. exports, including aircraft, cars, soybeans,
and whiskey.
The announcement by China came shortly after the U.S. Trade
Representative published a proposed list of products imported from
China that could be subject to additional tariffs.
The greenback was trading higher at 0.7684 against the aussie
and 1.2837 against the loonie, up from its early 8-day low of
0.7717 and a 5-week low of 1.2775,respectively. The next possible
resistance for the greenback is seen around 0.75 against the aussie
and 1.30 against the loonie.
The greenback recovered to 0.9595 against the franc, from a low
of 0.9551 hit at 4:00 am ET. This may be compared to more than a
2-month peak of 0.9599 hit at 3:15 am ET. The greenback is seen
finding resistance around the 0.98 region.
The greenback remained higher at a 5-day high of 1.4015 against
the pound, coming off from an early weekly low of 1.4097. On the
upside, 1.39 is seen as the next resistance level for the
greenback.
Survey data from IHS Markit showed that U.K. construction
activity contracted unexpectedly in March following five months of
marginal growth.
The IHS Markit/Chartered Institute of Procurement & Supply
construction Purchasing Managers' Index fell to 47.0 in March from
51.4 in February. The reading was expected to ease to 51.0.
The greenback bounced off to 1.2271 against the euro, from an
early low of 1.2314. The greenback is likely to find resistance
around the 1.20 region.
Flash data from Eurostat showed that Eurozone inflation
accelerated in March largely on food prices.
Inflation rose to 1.4 percent in March from 1.1 percent in
February. A similar higher rate was last seen in December.
The greenback held steady against the yen after the data, after
having fallen to 105.99 at 4:00 am ET. This may be compared to a
6-day high of 106.69 hit at 2:45 am ET. The pair finished Tuesday's
trading at 106.60.
The U.S. factory orders for February, Markit's services PMI and
ISM non-manufacturing composite index for March are set for release
shortly.
At 11:00 am ET, Cleveland Fed President Loretta Mester speaks
about diversity in economics at Central State University in
Ohio.
US Dollar vs CHF (FX:USDCHF)
Graphique Historique de la Devise
De Mar 2024 à Avr 2024
US Dollar vs CHF (FX:USDCHF)
Graphique Historique de la Devise
De Avr 2023 à Avr 2024