The Dollar saw marginal gains on Wednesday afternoon after private payrolls in August jumped at their fastest pace in five months thanks in part to strong gains in construction and manufacturing jobs.
Job creation in the ADP/Moody's survey showed companies added 237,000 positions in the last full month of summer, with job creation strong across nearly all industries. The market saw the figure as upbeat as business demand for workers remains robust and employer dismissals are limited and hovering close to a three-decade low. Job openings are at a record and suggest strength in the labour market will continue, bolstering the outlook for consumer spending.
The Dollar strengthened further after the US revised second-quarter GDP showed the economy grew faster than initially thought in the second quarter, notching its quickest pace in more than two years, and there are signs that the momentum was sustained at the start of the third quarter.
Gross domestic product increased at a 3.0 percent annual rate in the April-June period, the Commerce Department said in its second estimate on Wednesday. The upward revision from the 2.6 percent pace reported last month reflected robust consumer spending as well as strong business investment.
13:30 – USD – Unemployment claims is forecasted at 237k