30 July 2008, 17:52  Dollar jumpes higher against all major currencies

The dollar jumped higher against all major currencies after a surprise rise in ADP's U.S. private payrolls data. The ADP National Employment Report showed a gain of 9,000 jobs in the private sector in July, confounding expectations of a loss of 50,000 to 60,000 jobs. Adding in the roughly 20,000 government jobs created monthly over the past year, the data suggests the closely watched non-farm payrolls data due to be released Friday will show a gain of 29,000 for July. However, the dollar already had the upper hand versus rivals going into the New York session. "The sentiment in the market is to buy dollars right now. They're looking for an excuse to buy dollars," said Michael Woolfolk, senior currency strategist at Bank of New York Mellon. Overnight, July euro zone data showed business and consumer confidence in the 15-country region fell to its lowest level since March 2003 and had the biggest monthly fall since October 2001. Also, inflation expectations fell slightly.

© 1999-2024 Forex EuroClub
All rights reserved