The US dollar is under pressure after a trio of somewhat dovish announcements today:
- ADP employment was below estimates at 107K compared to 145K expected
- The Treasury increased long-dated auction sizes in-line with estimates but not as much as feared
- Q4 US wage data showed 0.9% growth compared to 1.0% expected
The numbers hit as the Fed begins debating in the second day of the FOMC meeting. It should give policymakers some comfort that the economy is slowing and that wage gains won’t trigger another round of inflation.
The dollar has fallen around 20 pips across the board with the euro taking advantage to run to a session high of 1.0863.
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That still leaves the euro down around 1.5 cents this month.