Name Symbol Market Type
United States Dollar vs Canadian Dollar FX:USDCAD Forex Exchange Rate
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.004195 0.32% 1.33195 1.33188 1.33201 1.33476 1.32625 1.32731 0 17:00:23

U.S. Dollar Down Amid Soft ADP Data; Powell's Speech In Focus

30/11/2022 10:27am


US Dollar vs CAD (FX:USDCAD)
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The U.S. dollar was lower against its most major opponents in the European session on Wednesday, as the nation's private sector job growth slowed more than expected in November and investors focused on a speech by U.S. Federal Reserve Chair Jerome Powell for more clues about the future path of monetary policy.

Data from the payroll processor ADP showed that private sector employment increased by 127,000 jobs in November after surging by an unrevised 239,000 jobs in October.

Economists had expected employment to jump by another 200,000 jobs.

Powell is scheduled to deliver a speech about the economic outlook and inflation at the Brookings Institution at 1:30 pm ET.

The Fed chair is expected to reinforce expectations for a slower pace of rate hikes from December amid signs that U.S. inflation is peaking.

The greenback was down against the euro, at 1.0392. Next key support for the greenback is possibly seen around the 1.05 level.

The greenback edged down to 0.9483 against the franc, from an 8-day high of 0.9547 set at 1:45 am ET. The currency may challenge support around the 0.92 region, if it drops again.

The greenback dropped to 1.2029 against the pound, from a 2-day high of 1.1942 seen at 6:40 pm ET. The greenback is seen finding support around the 1.22 level.

The greenback fell to 1.3496 against the loonie, 0.6250 against the kiwi and 0.6741 against the aussie, from its prior highs of 1.3594, 0.6189 and 0.6670, respectively. The next possible support for the currency is seen around 1.32 against the loonie, 0.64 against the kiwi and 0.69 against the aussie.

In contrast, the greenback firmed against the yen, touching a 6-day high of 139.68. The greenback is likely to find resistance around the 142.00 level.

At 1:30 pm ET, Federal Reserve Chair Jerome Powell will deliver a speech about the economic outlook, inflation, and the labor market at the Brooking Institution, in Washington DC.

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