Market Overview

ForexLive North American wrap: ADP misses the mark


ADP employment rises 119K compared to 177K exp
March factory orders -1.5% vs -1.6% exp
Durable goods orders revised higher
Bank capital surcharges top European meeting agenda
Schaeuble leading charge
Chatter that ECB not ruling out more LTROs
Former BOC Gov stirs the pot
Ireland's deficit improves
Fed's Lacker: Fed likely to hike next year
Gingrich quits Republican race
S&P 500 down 0.25% to 1402
USD leads, EUR lags

The euro bottomed shorty after the US open, at 1.3121, as the focus shifted to US employment worries. Mid-morning speculation that the ECB may do more at tomorrow's meeting helped the euro but it wasn't able to overcome offers around 1.3170.

USD/JPY fell 30 pips to 80.05 on the ADP headlines but never made a serious attempt to break the psychological barrier. Afterwards it was a lackluster, sideways move around 80.15.

Cable opened at 1.6173 and slumped to 1.6160 before rebounding to 1.6209, popping intraday stops at 1.6200. Flows in EUR/GBP, which hit a 23-month low, were a driver.

USD/CAD rallied on the ADP numbers but the stubborn area around 0.9900 was defended again and the pair drifted back to 0.9865.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Markets


Related Articles

View Comments and Join the Discussion!

Partner Center