Dollar Mixed After ADP Private Payrolls Data
06 Mayo 2020 - 4:23AM
RTTF2
The U.S. dollar showed mixed performance against its key
counterparts in the European session on Wednesday, after a data
showed that the nation's private sector employment nosedived in
April.
Data from payroll processor ADP showed that private sector
employment plunged by 20.236 million jobs in April after slumping
by a revised 149,000 jobs in May.
Economists had expected employment to tumble by 20.050 million
jobs compared to the loss of 27,000 jobs originally reported for
the previous month.
Investors await U.S. non-farm payrolls data for April, due on
Friday. The economy is expected to lose over 21 million jobs as the
unemployment rate surges to 16.0 percent from 4.4 percent.
The currency showed mixed trading in the Asian session. While it
fell against the yen, it gained slightly against the euro, the
franc and the pound.
The greenback dropped to 106.06 against the yen, its lowest
level since March 17. The currency is seen finding support around
the 102.00 mark.
The greenback held steady against the euro, after rising to near
a 2-week high of 1.0782 at 6:00 am ET. The pair was worth 1.0837
when it ended deals on Tuesday.
Final survey results from IHS Markit showed that the euro area
private sector experienced a record downturn in April due to the
severe disruption caused by the coronavirus, or covid-19,
pandemic.
The composite output index slid to a new series low of 13.6 from
March's 29.7. The flash score was 13.5.
The greenback appreciated to near a 2-week high of 1.2358
against the pound and traded sideways thereafter. At Tuesday's
close, the pair was valued at 1.2431.
Survey data from IHS Markit showed that the UK construction
sector contracted at the sharpest pace since the survey began in
1997 amid site closures due to the coronavirus, or covid-19,
pandemic.
The IHS Markit/Chartered Institute of Procurement & Supply
construction Purchasing Managers' Index fell to 8.2 in April from
39.3 in March. A score below 50 indicates contraction. The expected
score was 22.0.
The greenback eased off to 0.9732 against the franc, from a
6-day high of 0.9759 set at 5:40 am ET. Next key support for the
greenback is likely seen around the 0.95 level.
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