Dollar index steady near two-week high after weaker ADP jobs
Dollar index was little changed at 99.7 on Wednesday after US private businesses added a net 38,000 jobs in August, below expectations of 47,000. Greenback held near a two-week high amid safety demand and Fed-hike odds rising.
The dollar index pared modest gains to trade little changed at 99.7 on Wednesday as investors digested the latest ADP employment report.
US private businesses added a net 38,000 jobs in August, the weakest increase since January and below expectations of 47,000, pointing to a broader cooling in the labor market.
Despite the soft data, the greenback remained near a two-week high as investors sought safety amid concerns over the economic impact of the energy shock and diverging monetary policy paths across major economies.
The US said it had launched overnight airstrikes on targets in Iran, prompting retaliation from Tehran in the most serious escalation between the two countries in weeks.
Meanwhile, markets are now pricing in a 66% chance of a September Fed hike, up from around 40% a week ago, according to the CME FedWatch Tool.