 Dollar strengthened in the early session, buoyed by surprisingly strong ADP private sector job data that far outpaced expectations. This robust employment figure has bolstered optimism for Friday’s upcoming non-farm payrolls report, which many anticipate will confirm sustained strength in the US labor market. With job growth remaining solid, Fed may feel less pressure to ease its policy aggressively in the near term. However, Dollar’s gains are somewhat tempered by Q3 GDP data, which came in slightly below forecasts, indicating some moderation in overall growth momentum. Meanwhile, Euro also found support and rallied modestly after Eurozone GDP for Q3 exceeded expectations. Germany, in particular, delivered a surprise by reporting economic growth, allowing it to narrowly avoid a technical recession. This economic resilience lessens the immediate need for ECB to consider more aggressive policy easing in the coming meeting.... |
