FXStreet (Delhi) – Arnaud Masset, Market Analyst at Swissquote, notes that the last batch of data from the US came in mostly on the soft side yesterday and the US dollar strengthened against mostly all the currencies, especially against low yielding currencies.
Key Quotes
“Ahead of Friday’s Non-farm payrolls, ADP indicated that the private sector added 190k in August, slightly below consensus estimates of 200k but up from July’s revised 177k increase. Factory orders grew 0.4% m/m (s.a.), below median forecast of 0.9% and down from June revised 2.2% expansion.”
“The Fed’s Beige Book report indicated that “Most districts reported modest to moderate growth in labour demand,” and that “this tightening of labour markets was said to be pushing wages up slightly”. Overall, the report found that “economic activity continued expanding across most regions and sectors” in July and August.”
“The US dollar strengthened against its main counterparts, especially against low yielding currencies such as the Swiss franc, the Danish krone, the Japanese yen and the euro. The dollar index had risen 0.60% yesterday.”
(Market News Provided by FXstreet)