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