Dollar Drops Investors Look to Jobs Data

The US dollar dropped to a 15 month low on Wednesday with investors looking to the release of the ADP jobs report.

The US dollar index which measures the greenback against a basket of six major currencies fell 0.16 percent at 92.77.

Currencies

The EUR/USD rose 0.42 percent to 1.1850.

The GBP/USD gained 0.23 percent to 1.3238.

The USD/JPY rose 0.38 percent to 110.778.

The AUD/USD was at 0.7964.

NZD/USD fell 0.567 percent to 0.7427.

USD/CAD gained 0.19 percent at 1.2564.

The recent controversies surrounding the Trump administration came under scrutiny after fresh allegations that President Trump was involved in drafting a statement in connection with his son, Donald Trump Jr. meeting with the Russian lawyer. Concerns by investors that the Trump administration will be able to make progress on their economic agenda also helped to weigh on the US dollar.

Focus by investors is now on the ADP jobs report together with the non-farm payrolls report for July which will give some indication as to the Feds direction on policy tightening.

Euro

European Central Bank President Mario Draghi comments in June that the Fed would start reducing their stimulus program saw the euro climb to fresh highs. Confidence continues as it hit a 32 month peak overnight of 1.1868.

Whilst in Australia there was a 10.9 percent increase in building approvals, compared to forecasts of 1.5 percent.

Investors are looking to the Bank of England’s monthly policy statement which is due on Thursday.
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