- The dollar retreats throughout the market after the ADP report.
- USD / JPY marks new lows in two months.
The USD / JPY plummeted from 109.10 to 108.77, marking new lows since late May following the release of ADP’s July employment report, That brought down the dollar on all fronts.
After not being able to hold in positive territory, now the USD / JPY is on track to have the third consecutive daily decline and the lowest close since May 25. The negative tone is expected to persist as long as it is below 109.30. The next significant support is seen at 108.55.
The dollar had a pullback, particularly against major European currencies and the yen after the ADP figures. These showed an increase in jobs of 330,000, below the 695,000 expected. It was the lowest month in the last five.
These figures serve as a preview for Friday’s official employment report, which includes the unemployment rate and non-farm payrolls. Later today, the July reading of the ISM of the service sector will be known.
Technical levels
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