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Dollar index (USDX) lifts back above 104.00 as ADP report looms.

As mentioned here earlier today, the dollar is still in the driving seat, when it comes to the relative strength of the major currencies. Indeed the USD index (USDX) managed to rise above 104 eventually yesterday and later closed above that level too, ending the US session at 104.05. It did drift lower this morning, but it was a drift more than anything else. The index fell to 103.88, but it is back above the 104 handle now. The noted and pretty important US data release today is not that far off now. At 1.15pm GMT we will get the November ADP, privately sourced US payroll report. That is expected to show a rise of around 130k, compared to the rather meagre October gain of 113k. This data can provide clues on the wider monthly jobs report due out on Friday. However, it is also important to note, that on many occasions there is considerable disparity between the ADP and that wider data. That said the dollar can and probably will react to any significant surprise in the ADP a little later this afternoon 
 

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