Fed minutes, strong ADP jobs boost dollar

The US dollar was boosted by upbeat economic data on Wednesday on ADP jobs figures and trade data as well as a hawkish Fed which released its FOMC minutes.

The minutes of the FOMC December 16-17 meeting indicated that the Fed will press ahead with plans to begin raising interest rates later this year despite an apparently vigorous debate over how to communicate its intentions.
Policymakers reviewed a broad set of data showing the United States was holding its own as other parts of the global economy turned in the wrong direction.

Plummeting oil prices were pushing the United States further from the Fed’s inflation target, but consumers appeared poised to spend, jobs were being created, and business investment seemed steady.

On Wednesday the private payrolls report from ADP showed the US private sector added 241,000 jobs versus 226,000 expected. Friday’s nonfarm payrolls report will now come into focus.

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