USDJPY United States Dollar vs Japanese Yen

The U.S. dollar showed mixed performance against its major counterparts in the European session on Wednesday, after a data showed that U.S. private sector employment rose less than expected in November.

Data from payroll processor ADP showed that private sector employment rose by 307,000 jobs in November after climbing by an upwardly revised 404,000 jobs in October.

Economists had expected employment to increase by 410,000 jobs compared to the addition of 365,000 jobs originally reported for the previous month.

Early in the session, the currency was underpinned by concerns over a no-deal Brexit following remarks from EU chief negotiator Michel Barnier that there may be a no-deal outcome.

As British and European Union officials race to strike a post-Brexit trade deal before the start of next week, Barnier told EU ambassadors that a deal hangs in the balance and a no-deal Brexit cannot be ruled out.

U.S. President-elect Joe Biden told the New York Times he'd leave the phase-one trade deal with China in place while he conducts a full review of the policy toward China in consultation with traditional allies in Asia and Europe.

The greenback dropped in the Asian session as renewed prospects of additional US fiscal stimulus and continued optimism over potential coronavirus vaccines lifted risk sentiment.

The greenback appreciated to 1.2040 against the euro, after touching 1.2088, which was its lowest level since April 2018. On the upside, 1.18 is possibly seen as its next resistance level.

Data from Destatis showed that German retail sales grew more than expected in October.

Retail sales increased 2.6 percent on a monthly basis, reversing a 1.9 percent drop in September. Sales were expected to climb only 1.2 percent.

The U.S. currency strengthened to 1.3304 against the pound, from a low of 1.3441 set at 2:45 pm ET. The greenback is seen finding resistance around the 1.30 region.

The greenback approached an 8-day high of 104.75 against the yen, reversing from a low of 104.23 hit at 7:00 pm ET. Next key resistance for the greenback is seen around the 108.00 area.

Data from the Cabinet Office showed that Japan's consumer confidence improved marginally to an 11-month high in October.

On a seasonally adjusted basis, the consumer confidence index increased to 33.7 in November from 33.6 in October.

In contrast, the greenback dipped to 0.8959 against the franc, a level not seen since January 2015. The greenback may find support around the 0.87 level.

Data from the Federal Statistical Office showed that Switzerland's consumer prices continued to decline in November.

The consumer price index decreased 0.7 percent year-on-year in November, following a 0.6 percent fall in October. Economists had expected a 0.5 percent fall.

Federal Reserve Chair Jerome Powell testifies on the CARES Act before the House Financial Services Committee in Washington DC at 10:00 am ET.

The Federal Reserve's Beige book report will be released in the New York session.

US Dollar vs Yen (FX:USDJPY)
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