U.S. Dollar Rebounds Amid Strong ADP Data

RTTNews | 785 dagar sedan
U.S. Dollar Rebounds Amid Strong ADP Data

(RTTNews) - The U.S. dollar rebounded against its major counterparts in the European session on Thursday, as the nation's private sector employment surged much more than expected in June, raising the possibility of further monetary policy tightening from the Federal Reserve.

Data from payroll processor ADP showed that private sector employment spiked by 497,000 jobs in June after jumping by a downwardly revised 267,000 jobs in May.

Economists had expected private sector employment to increase by 228,000 jobs compared to the addition of 278,000 jobs originally reported for the previous month.

U.S. treasury yields rose, with the benchmark 10-year yield touching 4.04 percent.

The U.S. Labor Department is scheduled to release jobs data on Friday. Economists expect nonfarm payrolls to increase by 225,000 in June and the unemployment rate is forecast to fall to 3.6 percent.

The greenback rebounded to 0.8985 against the franc, 1.2731 against the pound and 144.34 against the yen, from an early 2-day low of 0.8950, 2-week low of 1.2781 and a 9-day low of 143.55, respectively. he greenback may find resistance around 0.92 against the franc, 1.24 against the pound and 146.00 against the yen.

The greenback recovered to 1.0858 against the euro. This may be compared to its previous 3-week high of 1.0833. The currency is likely to challenge resistance around the 1.06 level.

The greenback strengthened to a 3-week high of 1.3329 against the loonie and a 6-day high of 0.6631 against the aussie, from yesterday's close of 1.3280 and 0.6654, respectively. The greenback is poised to challenge resistance around 1.35 against the loonie and 0.64 against the aussie.

The greenback rose to a 2-day high of 0.6161 against the kiwi, off an early 2-week low of 0.6219. If the currency rises further, it may find resistance around the 0.60 level.

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