The dollar extended gains following a surprisingly strong ADP employment report, reducing concern that subprime crunch will impede economic growth. The euro tested the support at 1.46 versus the dollar, and the sterling fell sharply from 2.06 to 2.0250 against the dollar. The yen weakened to near 111 versus the dollar.
As shown in ADP report, 189k jobs were added in private sector in November, far above the estimate of 50k. Besides, ADP revised last month’s figure from 106k to 119k. The greenback was boosted by this robust job report. The market will focus on November employment report to be released by the Labor Department this Friday.
read more:Robust ADP Boosted Dollar, Eyes on BOE ECB
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