Currency comment 4/5

There was little net movement in the values of either the dollar or foreign currencies on Wednesday.  However, after an early rally, U.S. stock indices fell with losses moderately heavy. Trading volume was larger than has been seen recently. Bonds closed higher on the weaker stock market.

The high point in early trading was news that private payroll firm ADP’s survey of new job gains in March was unexpectedly strong. ADP reported that their poll indicated job growth at 263,000. This figure is much higher than economists’ average estimate of 185,000 new jobs in March.

The official job data from the government will be released on Friday at 7:30AM.