Dollar Retreats After ADP Employment Report

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.