Dollar Remains Strong After 200,000 Private Sector Job Gain

The US dollar remained higher against its major rivals on Wednesday, after US private sector employment showed an addition of more than 200,000 jobs for the sixth straight month in September.

Report released by payroll processor ADP showed that employment in the US private sector increased by more than expected in the month of September.

The private sector employment jumped by 213,000 jobs in September following a downwardly revised increase of 202,000 jobs in August, it said.

Economists had been expecting an increase of about 205,000 jobs compared to the addition of 204,000 jobs originally reported for the previous month.

Traders now await crucial jobs report on Friday, which includes both private and public sector jobs.

Economists expect the report to show an increase of about 215,000 jobs in September, while the unemployment rate is expected to come in unchanged at 6.1%.

via Kitco

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza