Dollar Steady after ADP Employment, Yen Weakens Broadly

Dollar remains steady after ADP private employment report which shows 58k jobs were added to the US economy in Sep. The data is basically inline with expectation of 53k which improved from a downwardly revised 27k in Aug. In the Challenger report, job cut announcements edged down in Sep from 79k to 71k. Both data are supportive to a recovery in Friday's NFP. Markets' focus is turning to the ISM non-manufacturing index, in particular the employment component.

The Japanese yen weakens broadly since European session suggesting another leg up could be seen in yen crosses today. USD/JPY also set to take out recently established range and resume corrective rally from 111.59, towards 118 level. Read the rest of this analysis