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Currency Analyst since 2010

US dollar is affected by weak data

US dollar is trading near 2-month lows versus a basket of currencies as the economic data released in America have disappointed the market. ADP employment report showed that the US gained only 169K of jobs in April vs. the forecast of 199K – that’s the lowest reading in more than a year. The Fed’s Chair Janet Yellen warned that low long-term US interest rates could spike as the Fed normalizes its policy causing disruption across the financial system.

EUR/USD rose to 1.1370. GBP/USD edged down from 1.5250. EUR/GBP rose to 0.7460 as today is the day of the UK election and no political party has a lead in polls. USD/JPY is testing support at 119.30.

AUD/USD dipped to 0.7922 on the weaker-than-expected labor market data (employment declined, while unemployment rate edged up to 6.2%), but then quickly recovered to the levels just below 0.8000 as the employment figure was the previous month was revised to the upside.

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