Economic Indicators: U.S. non-farm private employment rose more than expected in November, boosting optimism over the health of the economy and supporting the case for a U.S. interest rate hike this month, industry data showed on Wednesday.
In a report, payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 217,000 last month, above expectations for an increase of 190,000.
Forex: The Canadian dollar pared back losses against the broadly stronger U.S. dollar on Wednesday after the Bank of Canada kept interest rates on hold, one day after data showing Canada exited a recession in the third quarter.
USD/CAD was last at 1.3369, up just 0.07% for the day after rising to highs of 1.3407 earlier. The BOC said it was maintaining the target for the overnight rate at 0.5%, in line with forecasts.
Forex: The dollar rose to fresh eight-month highs against the other major currencies on Wednesday, as the release of strong U.S. jobs data added to expectations for a December rate hike by the Federal Reserve.
USD/JPY rose 0.37% to 123.31.
Payroll processing firm ADP said U.S. non-farm private employment rose by 217,000 last month, above expectations for an increase of 190,000.
Commodities: West Texas Intermediate oil futures extended losses on Wednesday, after data showed that oil supplies in the U.S. rose for the tenth consecutive week last week.
Crude oil for delivery in January on the New York Mercantile Exchange sank $1.02, or 2.44%, to trade at $40.83 a barrel during U.S. morning hours. Prices were at around $41.30 prior to the release of the inventory data.
Commodities: Gold prices turned lower on Wednesday, after better than expected U.S. employment data reinforced expectations for a Federal Reserve rate hike later this month.
Payroll processing firm ADP said non-farm private employment rose by 217,000 last month, above expectations for an increase of 190,000. The economy created 196,000 jobs in October, whose figure was upwardly revised from a previously reported increase of 182,000.
Market players are now awaiting a speech by Federal Reserve Chair Janet Yellen on the U.S. economic outlook at 12:25PM ET. The Fed chief could use her speech to signal that a December rate hike is likely while reiterating that the pace of increases will be gradual.
Ask us about our FREE financial advice program:
Other Top Stories:
Technical Analysis Lesson 1 - Introduction
How I Made Over $30,000 a Year by Investing in Binary Options
Follow us and SHARE this story on Facebook: