The Greenback rose against its European counterpart following the release of the ADP report on non-farm payrolls for February. The EUR/USD pair lost 12 base points, or 0.10%, reaching the 1.2405 level, to be seen returning back to the 1.2415 area later on.
The US private sector created 235K jobs in the reported month, expanding at a slightly slower pace than in January. At the same time, US non-farm employment change number still surpassed the February’s forecast. Ahu Yildirmaz, the Vice President and Co-head of the ADP Research Institute, said that the US labor market is keeping its growth rate uninterrupted and that persistant gains have been seen in industries related to leisure, hospitality and retail.
