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Dollar strengthens after strong ADP, Fed minutes ahead

Published 01/08/2014, 08:34 AM
Updated 01/08/2014, 08:34 AM
Dollar rises after upbeat ADP nonfarm payrolls report

Dollar rises after upbeat ADP nonfarm payrolls report

Investing.com - The dollar strengthened across the board on Wednesday after the ADP nonfarm payrolls report showed that the U.S. private sector added the largest number of jobs since November 2012 last month.

USD/JPY rose to session highs of 105.12 and was last up 0.36% to 104.96.

ADP nonfarm payrolls rose by 238,000 in December, easily surpassing expectations for an increase of 200,000. November’s figure was revised up to a gain of 229,000 from a previously reported increase of 215,000.

The strong data bolstered the outlook for the recovery in the labor market going into 2014 ahead of Friday’s keenly anticipated jobs report for December.

Investors were turning their attention to the minutes of the Federal Reserve’s December meeting, due for release later Wednesday, for indications on the possible timing of further reductions in the bank’s stimulus program.

The euro fell to four week lows against the dollar, with EUR/USD down 0.27% to 1.3577.

In the euro zone, data on Wednesday showed that the unemployment rate in the region remained unchanged at 12.1% in November, while euro zone retail sales rebounded strongly in November.

Retail sales rose 1.4% in November, the biggest rise since November 2001 Eurostat said, recovering from a 0.4% fall in October.

The dollar was slightly lower against the pound, with GBP/USD up 0.13% to 1.6421 and was higher against the Swiss franc, with USD/CHF up 0.24% to 0.9113.

The greenback was little changed against the Australian and New Zealand dollars, with AUD/USD dipping 0.02% to 0.8923 and NZD/USD inching up 0.02% to trade at 0.8283.

Elsewhere, the U.S. dollar was trading close to three-and-a-half year highs against the Canadian dollar, with USD/CAD climbing 0.39% to 1.0807.

The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.24% to 81.20.




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