The dollar index (DXY00) today is down -0.27%. Strength in the euro is weighing on the dollar on today’s news that Eurozone Q3 GDP grew more than expected. The dollar added to its losses after T-note yields fell when US Q3 GDP grew less than expected. Losses in the dollar are limited after the US Oct ADP employment report posted its largest increase in 15 months, a hawkish factor for Fed policy. Also, Sep pending home sales posted their largest increase in 4-1/4 years.
The US Oct ADP employment change rose +233,000, showing a stronger labor market than expectations of +111,000 and the biggest increase in 15 months.
