U.S. Dollar Index Futures Market News and Commentary
The dollar index (DXY00) on Wednesday fell by -0.24%. The dollar was under pressure Wednesday after the monthly ADP employment report rose less than expected, which knocked T-note yields lower and undercut the dollar. Also, a rebound in stocks on Wednesday curbed the liquidity demand for the dollar. Better-than-expected economic news on U.S. Aug factory orders and the Sep ISM services index limited losses in the dollar.
Wednesday’s U.S. economic news was mixed for the dollar. On the negative side, the Sep ADP employment change rose +89,000, weaker than expectations of +150,000 and the smallest increase in over 2-1/2 years. Conversely, the Sep ISM services index fell -0.9 to 53.6, stronger than expectations of 53.5. Also, Aug factory orders rose +1.2% m/m, stronger than expectations of +0.3% m/m.
EUR/USD (^EURUSD) on Wednesday rose by +0.44%. The euro on Wednesday found support on a weaker dollar. Also, on Wednesday, the hawkish comments from ECB President Lagarde... Read more