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The dollar remains steady despite weak ADP data; markets await Friday's nonfarm payrolls report for direction
The dollar remained firm despite slightly weaker-than-expected U.S. private-sector employment data. According to ADP data released Wednesday, private-sector employers added 41,000 jobs in December.Economists surveyed by The Wall Street Journal had previously expected employment to rise by 48,000. However, last month’s figures were revised upward to show employers cut 29,000 jobs, compared with the initially reported decline of 32,000.The U.S. Dollar Index remained largely unchanged following the release of the data, stabilizing at 98.601. These figures were released ahead of Friday’s key U.S. nonfarm payrolls report, which could influence market expectations regarding the timing of the next interest rate cut by the Federal Reserve.
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