Sterling Falls on Concerns Over Treasury Chief's Future
1117 GMT – The dollar recovers marginally as U.S. data in the previous session argue against imminent interest rate cuts by the Federal Reserve, ING analyst Francesco Pesole says in a note. The job openings and turnover survey and ISM manufacturing index both exceeded expectations. 'Dollar downside risks are slightly reduced after yesterday's data, but things can change rapidly should today's ADP payrolls surprise on the soft side.' The ADP report at 1215 GMT isn't a perfect indicator of the nonfarm payrolls data on Thursday but markets are highly sensitive to jobs figures as they are central to rate expectations, he says. The DXY dollar index rises 0.1% to 96.916 after hitting a three-year low of 96.377 Tuesday. (renae.dyer@wsj.com)
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