US Dollar loses value after GDP, and ADP data
The post US Dollar loses value after GDP, and ADP data appeared on BitcoinEthereumNews.com.
US Dollar dips despite October ADP employment data showing private sector payrolls increased by 233K, surpassing expectations. Q3 US GDP growth of 2.8% falls short of market forecasts but remains strong amidst global economic slowdown. Focus shifts to Friday’s NFP report, which could negatively impact the US Dollar. The US Dollar Index (DXY), which measures the value of the USD against a basket of six currencies, lost ground on Wednesday following the release of mixed economic data. September’s ADP Employment Change report exceeded market expectations in October, but a downward revision in third-quarter GDP growth made the USD tumble. However, investors remain cautious ahead of Friday’s Nonfarm Payrolls (NFP) report, which may paint a different picture of the labor market. Daily digest market movers: US Dollar steady on strong ADP employment figures US ADP Employment Change beat expectations with a 233K increase in October, which could limit the USD losses. September’s ADP Employment Change reading was revised up to a 159K increase, further supporting the US Dollar. US Q3 Gross Domestic Product grew at a 2.8% pace, stronger than global peers but below market expectations. Futures markets now almost fully price in a quarter-point interest rate cut by the Fed next week. Friday’s NFP report is expected to show a significant decline in payrolls, potentially hurting speculative demand for the US Dollar. DXY technical outlook: DXY consolidates, may test 200-day SMA The DXY index is consolidating and may be poised to revisit the 200-day SMA at 103.50. The Relative Strength Index (RSI) is declining but remains near overbought territory, while the Moving Average Convergence Divergence (MACD) is printing smaller green bars. Key support levels are 104.50, 104.30 and 104.00, while resistance is found at 104.70, 104.90 and 105.00. Source: https://www.fxstreet.com/news/us-dollar-loses-value-after-gdp-and-adp-data-202410301823
Filed under: News - @ October 30, 2024 7:26 pm