Dollar experiencing a Seesaw Ride

Thursday, September 3, 2009

The Dollar fell broadly on Wednesday, after an informal data release showed a higher than expected rate of unemployment. US employers in the private sector shed 298,000 jobs in August according to the ADP payroll report.

The Dollar initially rose on risk aversion sentiment, however continued fears over the mounting governmental debt load along with a very light volume combined to bring the Dollar down in late session trading.

The ADP jobs report is an early indicator of how the official government “non-farm payroll” (NFP) report will look. The NFP report is set to come out on Friday and includes both public and private industries.

The consensus on the Forex market is that 225,000 jobs will be reported as lost, although with private industry alone shedding close to 300,000, the NFP is likely to disappoint.

At 11:00 PM GMT, the Dollar was down .42% to the Euro to 1.4282, down .9% to the Japanese Yen to 92.15, down .85% to the British Pound to 1.6286, down .05% to the Canadian Dollar to 1.1041, down 1.2% to the Australian Dollar to .8357 up .2% to the Kiwi to .6736 and down .55% to the Swiss Franc to 1.0594.

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