Dollar Briefly Extends Losses After Weak Private Payrolls Data
The dollar briefly extends losses, hitting a fresh five-week low against a basket of currencies, after ADP private payrolls data showed an unexpected decline in employment. Payrolls fell 32,000 in November. Economists in a WSJ survey expected a 40,000 rise.
The data are closely monitored given the lack of official jobs figures after the recent U.S. government shutdown. The dollar had been falling ahead of the data after President Trump hinted that he would nominate Kevin Hassett, who is expected to favor rate cuts, as the next Federal Reserve Chair. The Fed is widely expected to cut rates on Dec. 10.
The DXY dollar index initially falls to 98.885 after the data, from 98.933 beforehand. It last trades at 99.038.
Source : Dowjones.com
