As we move into the final stretch of the first week of June, market participants find U.S. economic reports at best mixed. ADP Jobs numbers fell short of expectations (179k vs, 210k) and analysts are now wondering when we are going to see stronger recovery numbers.
It’s important to note a 200k job growth normally indicates a strong, healthy economy, but with the amount of job loss during the recession coupled with the number of baby boomers retiring, analysts and economist are looking for even stronger job growth to help pull the U.S. through the recovery and lower the unemployment rate.
It’s this sentiment that is putting mixed pressure on the U.S. dollar against its majors. The U.S. dollar remains slightly stronger against the euro by 0.07% as demand for safety continues this morning, ahead of the European Central Bank's policy meeting.
Bottom Line: The market is looking to the ECB to come through on expectations and the U.S. continues to recover, albeit at slower pace than we would like to see...
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