ADP Report Sends Dollar Spiralling Lower
July 2, 2008
According to the private report by the ADP Employer Services, U.S. employers cut 79,000 jobs in June. The ADP report is often used as a precursor to the non-farm payrolls number, which is due to be released early this month as the U.S. market will be closed in observance of Independence Day. In light of the disappointing ADP report analyst may revisit their previous expectations for the non-farm payrolls number. The U.S. dollar index declined nearly 0.5 percent following the ADP data and approached a significant support level.