6 May 2015
Dollar continues to suffer amid weak data
FXStreet (Córdoba) - The dollar was once again hit by weak economic data, this time coming from the employment sector. ADP reported US private sector created 169K jobs in April versus 200K expected and from a downwardly revised 175K reading in March.
Coupled with greenback weakness, a joint statement from European Commission President Jean-Claude Juncker and Greek Prime Minister Alexis Tsipras after a phone call hinted at progress in Greek reforms, propelling EUR/USD through 1.1300 during the American session. EUR/USD triggered stops and accelerated to a 2-month high of 1.1369.
GBP/USD managed to climb above the 1.5250 zone despite jitters ahead of the UK general elections tomorrow. USD/JPY fell to a 6-day low of 119.19 while USD/CHF dropped to a 3-month low of 0.9112.
The dollar continues to suffer in the wake of disappointing economic reports and fears the US economy is stalling. On Friday, the US Labor Department will release the closely-watched nonfarm payrolls report where investors will be looking for signs of a spring rebound. Expectations call for a 213,000 job gain in April following dismal 126,000 in March.
Even though commodity currencies had a great first-half of the session, the AUD and the CAD surrendered most of daily gains in the afternoon trade. The loonie was dragged lower by a setback in oil, while the aussie remains vulnerable ahead of Australian employment figures, which will be published at 01:30 GMT on Thursday.
Elsewhere, US stocks extended losses on Wednesday after Federal Reserve Chair Janet Yellen said warned of the risks of generally quite high valuations in the stock market. The DJIA dropped 0.5%, while the S&P 500 and the Nasdaq lost 0.4% each.
Coupled with greenback weakness, a joint statement from European Commission President Jean-Claude Juncker and Greek Prime Minister Alexis Tsipras after a phone call hinted at progress in Greek reforms, propelling EUR/USD through 1.1300 during the American session. EUR/USD triggered stops and accelerated to a 2-month high of 1.1369.
GBP/USD managed to climb above the 1.5250 zone despite jitters ahead of the UK general elections tomorrow. USD/JPY fell to a 6-day low of 119.19 while USD/CHF dropped to a 3-month low of 0.9112.
The dollar continues to suffer in the wake of disappointing economic reports and fears the US economy is stalling. On Friday, the US Labor Department will release the closely-watched nonfarm payrolls report where investors will be looking for signs of a spring rebound. Expectations call for a 213,000 job gain in April following dismal 126,000 in March.
Even though commodity currencies had a great first-half of the session, the AUD and the CAD surrendered most of daily gains in the afternoon trade. The loonie was dragged lower by a setback in oil, while the aussie remains vulnerable ahead of Australian employment figures, which will be published at 01:30 GMT on Thursday.
Elsewhere, US stocks extended losses on Wednesday after Federal Reserve Chair Janet Yellen said warned of the risks of generally quite high valuations in the stock market. The DJIA dropped 0.5%, while the S&P 500 and the Nasdaq lost 0.4% each.