Dollar Falls as ADP Report Shows Weakness in Labor
The dollar traded weaker Tuesday as the ADP Research data showed the labor market lost momentum in mid-October. The Canadian dollar was outperforming peers in the Group of 10 against the greenback.
The Bloomberg Dollar Spot Index traded 0.1% weaker.
US companies shed 2,500 jobs per week on average in the four weeks ended Nov. 1, according to data released Tuesday by ADP.
The September jobs report will be released on Thursday and the September consumer price index is now scheduled for publication on Friday.
EUR/USD ticked lower to trade at 1.1587
USD/JPY rose 0.2% to 155.50; Japan’s Finance Minister strengthened her warning over the yen’s slide as the currency fell past the 155-per-dollar level
Governor Kazuo Ueda told Prime Minister Sanae Takaichi that the Bank of Japan is in the process of slowly dialing back its easing support for the economy, signaling his unshaken intention to carefully raise rates.
USD/CAD fell 0.5% to 1.3979
“The Carney government secured enough votes to pass its budget in parliament last night, so no winter election,” wrote Shaun Osborne and Eric Theoret at Scotiabank, calling it one of the factors supporting the loonie on Tuesday.
AUD/USD climbed 0.3% to 0.6515; minutes of the Reserve Bank of Australia’s latest meeting showed the central bank remains cautious and data dependent.
GBP/USD was trading flat on the day near 1.3156
Source : Bloomberg.com
