The dollar index (DXY00) Wednesday fell by -0.33% and posted a 3-week low. The dollar came under pressure Wednesday on weaker-than-expected US labor market news that showed a smaller-than-expected increase in the Jun ADP employment and a jump in weekly continuing unemployment claims to a 2-1/2 year high, a dovish factor for Fed policy. Also, a widening of the US trade deficit in May to a 19-month high is bearish for the dollar. Losses in the dollar accelerated after the Jun ISM services index contracted by the most in 4 years.
The US Jun ADP employment change rose +150,000, weaker than expectations of +165,000.
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