The US Dollar has weakened against the Euro and Sterling as-well-as the majority of its other peers after economic data showed that companies hired the smallest number of employees in seven-months and as manufacturing growth slowed more-than-expected.
According to the ADP National Employment Report, US companies added 119,000 employees to their payrolls in April, a figure that disappointed economists who had been expecting the figure to come in at 150,000. The figure was the smallest gain since last September. March’s private payrolls were also revised down to an increase of 131,000 from the previously reported 158,000.
Adding to the concerns over the US economy the pace of manufacturing growth in the country slowed in April. According to the Institute for Supply Management its index of national factory activity fell to 50.7 from 51.3 in March, coming in below economist forecasts of 50.9. In a sign of potential resiliency, the forward-looking new orders component edged up to 52.3 from 51.4, while production improved to 53.5 from 52.2.
But employment fell to 50.2 from 54.2, boding poorly for the Labor Department’s national unemployment report due on Friday.
In separate data Markit released its latest PMI data which showed that output fell to 52.1 from 54.6 in March.
The slowdown shown in the data will now boost speculation that the Federal Reserve will choose to maintain its monetary policy in a bid to improve the country’s economic outlook.
Current US Dollar (USD) Exchange Rates
As of 15:40 pm GMT
The US Dollar to Pound Sterling exchange rate is currently trading in the region of 0.6432
The US Dollar to Euro exchange rate is currently trading in the region of 0.7584
The US Dollar to Australian Dollar exchange rate is currently trading in the region of 0.9657
The US Dollar to Canadian Dollar exchange rate is currently trading in the region of 1.0062
The US Dollar to Japanese Yen exchange rate is currently trading in the region of 97.5769
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