The dollar index fell below the 107.0 mark on Wednesday, following the release of a disappointing ADP jobs report ahead of Friday’s official employment data. In September, US private employers added 89,000 jobs, the lowest figure since January 2021 when private employers shed jobs, and well below market expectations of a 153,000 increase. Nevertheless, the dollar remained near its strongest level since November 2022, bolstered by hawkish comments from Fed officials that continue to reinforce expectations of elevated interest rates for an extended period. In other economic news, the JOLTS report released earlier this week showed an unexpected increase in job openings in August, while the ISM Manufacturing PMI indicated the smallest contraction in factory activity in nearly a year for September.
