FX & CFD trading involves significant risk
The U.S. dollar hit its lowest level against the euro in nearly seven weeks on Wednesday following dovish comments from Federal Reserve Chair Janet Yellen that pushed out expectations for the central bank's next interest rate hike. The ADP National Employment Report showed U.S. private employers added 200,000 jobs in March, above economists' expectations. The data came ahead of the U.S. Labor Department's more comprehensive March non-farm jobs report on Friday. While the ADP data beat economists' forecast for 194,000 jobs according to a Reuters poll, the data was not enough to halt the negative sentiment toward the dollar a day after Yellen stressed the need to be cautious in raising rates.
The euro hit its highs against the dollar earlier in the session after traders "covered" or reversed "short" bets against the euro once it crossed $1.1335, said Douglas Borthwick, managing director at Chapdelaine Foreign Exchange in New York.
EUR/USD: during the Asian session the pair fell to $1.1310
GBP/USD: during the Asian session the pair fell to $1.4325
USD/JPY: during the Asian session the pair traded in the range Y112.15-65
Based on Reuters materials
All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.