US Dollar Was Under Pressure After Weak ADP Report

Market Reviews

The US dollar was under pressure after weak employment data. The euro rose sharply after the release of the minutes of the ECB meeting.

The ADP employment report in the US showed an increase in employment in the private sector by 158 thousand in June, which is lower than expectations of 180 thousand. Initial jobless claims increased by 4 thousand to 248 thousand for the week ending July 1. Continuing claims increased by 11 thousand to 1.96 million for the week ended June 24.

The ECB protocol showed, that during the meeting on June 7-8, politicians discussed the issue of reducing the commitment to expand the quantitative easing program (QE). Representatives of the ECB said that the current position of the bank on monetary policy corresponds to a low level of inflation.