Upbeat ADP jobs data fail to boost dollar

The dollar remains weak against the yen, following dovish comments from Federal Reserve Chair Janet Yellen on Tuesday that pushed out expectations for the central bank’s next interest rate hike.

Against the yen, the dollar was last down 0.24 percent at 112.41 yen after touching an eight-day low of 112.02 yen earlier.

Despite upbeat US jobs data on Wednesday which beat economists’ forecast for 194,000 jobs according to the ADP report, the data was not enough to halt the negative sentiment toward the dollar a day after Yellen stressed the need to be cautious in raising rates.

The greenback fell to its lowest level against the euro in nearly seven weeks on Wednesday. The euro advanced to $1.1364, its highest against the dollar since February 11, while the dollar hit a more than five-month low against the Swiss franc at 0.9592 franc.

The euro pared some gains later in the U.S. trading session and was last up 0.43 percent against the dollar at $1.1338.

The dollar index, which measures the currency against a basket of six major rivals, hit its lowest level in 12 days at 94.588 after posting its biggest one-day percentage decline since March 17 on Tuesday. The index was last down 0.38 percent at 94.802.

The ADP National Employment Report showed U.S. private employers added 200,000 jobs in March, above economists’ expectations. The data came ahead of the U.S. Labor Department’s more comprehensive March non-farm jobs report on Friday.

The Australian dollar rose to a nine-month high of $0.7709 as commodities gained.

The post Upbeat ADP jobs data fail to boost dollar appeared first on FXTM Blog.

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