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Dollar falls after ADP data, Fed minutes expected

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News Tech: The dollar fell on Wednesday after a stronger-than-expected labor market report and ahead of the Federal Reserve’s December meeting minutes, as investors sought to know when the central bank interest rates will begin to rise. According to ADP’s National Employment Report, private payrolls increased by 807,000 jobs in December, well above expectations of 400,000 jobs, although an increase in COVID-19 cases could slow the momentum of the labor market. The dollar has gained more than 2% since late October before falling on Wednesday, on rising expectations that the Fed will start raising interest rates this year.

ET (1900 GMT), could provide some insight into the central bank’s aggressiveness in raising interest rates. Analysts also point to the 96.40 mark as a technical level acting as resistance. The dollar index fell 0.368 percent, with the euro up 0.43% at $1.1333.
On Tuesday, Minneapolis Federal Reserve President Neel Kashkari expected the US central bank to raise interest rates twice this year in response to persistently high inflation, reversing a long-standing view. His current policy is that interest rates will stay at zero until at least 2024.

According to the CME FedWatch Tool, the central bank’s expectation of a gain of at least 25 basis points is more than 60%.
“From a general perspective, FX, like stocks, has seen safe havens really get rich. That’s part and parcel of the change we’re seeing from the Fed, said Colin Stewart, regional head of the Americas at Quant Insight in New York. “Across both asset classes, there is a lot of potential weakness and pricing uncertainty. But the greenback’s strength may have made some cautious on Wednesday ahead of the release of the minutes, which expire at 2 pm.

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Despite the rapid spread of the Omicron variant, investors say it is unlikely to derail the global economy or more aggressive central bank actions, with studies indicating lower hospitalization rates. The Japanese yen gained 0.31% against the greenback to 115.79 against the dollar, while the British pound last traded at $1.3564, up 0.24% on the day. The pound hit a 2-month high against the greenback at 1.3566 against the dollar, the highest since November 9, on growing expectations that the Bank of England will raise interest rates. rate from next month.

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