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U.S. Dollar Remains Weak After ADP, Jobless Claims

Investing.com

Investing.com - The U.S. dollar was tepid on Thursday, despite jobs numbers suggesting the economy was still growing at a moderate pace.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.1% to 98.292 as of 10:44 AM ET (14:44 GMT).

Payment processor ADP (NASDAQ:ADP) said private hiring came in stronger than expected, with private payrolls increasing by 195,000 in August after rising by 142,000 in July.

The ADP (NASDAQ:ADP) report, which is jointly developed with Moody's Analytics, came ahead of the release of the government's more comprehensive employment report on Friday.

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In a separate report, the Labor Department said weekly jobless claim numbers rose by 1,000 to a seasonally adjusted 217,000 for the week ended August 31.

The Japanese yen, which is seen as a safe-haven in times of market turmoil, fell with USD/JPY rising 0.7% to 107.12.

Meanwhile, sterling continues to rise as lawmakers take control of Parliament and fears of a no-deal Brexit eased. Parliament denied U.K. Prime Minister Boris Johnson’s request for a snap election, helping to calm markets about more political turmoil. Lawmakers voted on Wednesday to force Johnson to suspend Brexit for the third time.

GBP/USD gained 0.6% to 1.2321, while EUR/USD rose 0.2% to 1.1051.

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