USD falls against most major notes

Wednesday, 1 June 2011 05:02

The American Dollar is falling deeper as it drops against all major currencies after ADP Non-Farm Employment Change.

Automatic Data Processing in May only showed a gain of 38 thousand jobs, while last month a total of 177 thousand jobs were created; although weaker than the 200 thousand estimate, still a much smaller difference than 38,000 to 177,000.  May's results were a disappointing drop, as economists predicted a gain of 177 thousand jobs.

The news knocked the Dollar out, causing it to drop against major currencies such as the Swissie; which gained close to 50 pips when USD/CHF started falling from 0.8452.  The pair is currently trading at a Swiss Franc high of 0.8400.

USD also lost ground against the EUR as the pair flew from 1.4405 to 1.4431 just five minutes after the release, but then landed back again to trade at 1.4409.

USD/JPY fell drastically from 81.25 to 80.80; currently at 80.85.