Automatic Data Processing (ADP) released its employment report showing that in March the private sector added 145K jobs, below expectations of 200K. The US Dollar dropped after the report but later, following the ISM Service, PMI turned decisively higher for the day.
The ISM Service PMI came in at 51.2 in March, a bigger-than-expected slowdown from the 55.1 of February, and below market expectations of 54.5. The Employment Index fell to 51.3 from 54 and the Price Paid fell from 65.6 to 59.5. The report shows activity expanding at a modest pace with inflation indicators retreating further.
Despite the fact that the economic figures offer arguments for the monetary policy doves the US Dollar gained momentum, even as US yields printed fresh lows.
The EUR/USD is hovering around 1.0920. The slide from the 1.0970 area is seen as a correction so far. Below 1.0900, the next support stands at 1.0870. On the upside, if the Euro retakes 1.0950, it could likely rise to test the 1.0970 zone again.
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