Posted 4/3/2024, 10:30:00 AM
ADP Report Expected to Show Job Growth Continuing; Fed Remains Patient on Rates, Keeping Dollar Supported
- ADP employment report on Wednesday expected to show 148K jobs added in the private sector in March
- Fed Chair Powell said the economy is strong and policymakers not in a hurry to cut rates
- Solid ADP report could boost demand for the US Dollar by indicating a stubbornly strong labor market
- Technical analyst notes the Dollar Index has bullish momentum, although indicators lack directional strength
- Next resistance for the Dollar Index is the 105.50 level; support is at 104.70 then 104.25