ADP Payrolls Miss and Rate Hike Decision Send Mixed Signals
The August ADP nonfarm payrolls report came in lower than expected at 38,000 new jobs. This development is bearish for the US dollar and bullish for the Nasdaq and Japanese yen.
The Reserve Bank of New Zealand raised interest rates by 25 basis points as anticipated, with the central bank indicating that the risk of further significant rate hikes has decreased. This news is negative for the New Zealand dollar and positive for the US dollar.
In other economic news, the United States and Venezuela signed an agreement for an oil project. This development is bearish for crude oil.