Forex
USD Expected to Stabilize Except Against JPY Amid Soft Labor Demand
The US Dollar is experiencing softness mainly against the Japanese Yen and Swiss Franc, according to Brown Brothers Harriman's (BBH) Elias Haddad. The Dollar's near-term stabilization view is expected, except versus the Japanese Yen. Brent Oil has reached $100, which may impact the Dollar's value.
The latest ADP private payrolls data showed a disappointing 38k private sector jobs added in August, below consensus estimates of 47k. This is the lowest reading since January. However, the correlation between monthly change in ADP private payrolls and nonfarm payrolls is weak.
The Fed Beige Book indicates solid economic activity and stable labor markets. The inflation outlook was mixed, with employment rising very slightly overall.