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Dollar Goes Down on Job Losses

July 2, 2008 by

EUR/USD grew today to its monthly maximum and remained well above the yesterday’s close level after the bad data on employment was released in U.S. today. Other economic releases failed to support the dollar today.

ADP employment report surprised markets with 79k drop in jobs in June, whereas the forecast was a 40k decline. This was the first drop in employment since February according to ADP.

Factory orders rose in May by 0.6%, better than the 0.5% growth in the consensus forecast, but below the April’s 1.3% growth (revised up from 1.1%). Manufacturing remains the only sector of the economy unaffected by the ongoing crisis.

Crude oil inventories decreased by 2 million barrels last week and they are still near the lower boundary of the average range for this time of year.

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