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Dollar index (USDX) off the boil as ADP payroll data looms

In less than one hour (at 12.15pm GMT) the September US ADP privately sourced payroll report will be released and ahead of that the dollar has just now fallen back a little more. The EUR/USD has just pushed to a fresh session high at 1.0516 and the immediate catalyst for that and dollar weakness elsewhere has come from a much weaker than expected US mortgage applications number. That showed a fall of 6% over the last reporting week. Now of course the ADP data could have more of an impact and reverse the current downside run in the USD index (USDX), or perhaps add to it. So, the index rose to as high as 107.24 earlier. It has just now fallen back to a session low at 106.71. As for the forecast on that ADP data; the markets are looking for gain of around 150k in September, compared to an August rise of 177k
 

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