US Dollar Slides Lower After Weak ADP Employment Report, New Tariffs on EU - Forex News by FX Leaders
US dollar index DXY

US Dollar Slides Lower After Weak ADP Employment Report, New Tariffs on EU

Posted Thursday, October 3, 2019 by
Arslan Butt • 1 min read

The US dollar is trading weaker early on Thursday following the release of a disappointing private payrolls report from ADP. At the time of writing, the US dollar index DXY is trading at around 99.03.

According to the ADP report, private employment change slowed down to 135k in September. Meanwhile, August’s figure was also revised considerably lower, from 195k to 157k. There is a reduction in the number of jobs being created in the US private sector this year when compared with 2018, with the 2019 monthly average falling to 145k from 219k for the corresponding period in 2018.

Additional weakness in the US dollar was driven after the Trump administration announced 25% tariffs on certain EU goods, including French wine, Italian cheese and Scotch whiskey in retaliation to EU’s decision to offer subsidies to Airbus. The trade war sentiment has brought down the appeal of the greenback as markets brace themselves for more trade tensions.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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