Dollar Retreats After ADP Employment Report

By Joseph AdinolfiMarketWatch Pulse

The dollar tumbled Wednesday after ADP said the U.S. private sector added only 185,000 jobs in July. The consensus estimate from a survey of economists conducted by The Wall Street Journal was 210,000. The dollar weakened to 124.10 yen after the report from 124.40 yen shortly before. The euro strengthened to $1.0905 from $1.0850. The pound rose to $1.5640 from $1.5630 beforehand. The ADP number is a widely watched indicator of the Labor Department's nonfarm payrolls number, expected Friday. But analysts noted that ADP has consistently underestimated the official number so far this year.

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