The U.S. dollar clung onto modest gains early on Thursday, having risen broadly on the back of a report that showed solid hiring in the U.S. private sector. The figures from payrolls processor ADP added to a string of bullish U.S. data ranging from manufacturing to auto sales, supporting the view that the U.S. economy has bounced back smartly after a first-quarter slump. The dollar index was last at 79.956, off an eight-week trough of 79.740 plumbed on Tuesday. ADP said private employers added 281,000 workers to payrolls last month, the largest since November 2012, offering hopes for a healthy rise in nonfarm payrolls when the data is released later on Thursday. Our economists agree with market consensus looking for non-farm payrolls to rise by more than 200,000 for a fifth consecutive month, analysts at BNP Paribas wrote in a note to clients. Chinas services PMI survey will also feature in Asia this morning although trading is likely to be subdued ahead of big-ticketed events including the European Central Bank (ECB) meeting. Reuters EURUSD 1.3652 GBPUSD 1.7151 AUDUSD 0.9383 NZDUSD 0.8755 USDJPY 101.91 USDCHF 0.8891 (Bid Prices on Reuters at 0107GMT)
Posted on: Thu, 03 Jul 2014 01:07:52 +0000
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