By CountingPips.com
U.S. employment data was released today in the form of the ADP National Employment Report and showed that U.S. private employment declined by more than expected in July. The 
nonfarm private employment fell by 371,000 workers in July following the revised June decline of 463,000 jobs. June’s data was revised downwards from the original release of 473,000 jobs lost.
July’s data was worse than the decline of 350,000 jobs the market forecasts were expecting. A silver lining in the data was that July had the smallest monthly job decline since October 2008.
The service-providing sector showed the largest decline for the month with a loss of 208,000 jobs while the goods-producing sector fell by 169,000 jobs. The manufacturing sector had a loss of 99,000 jobs while construction jobs fell for the 30th straight month with a decline of 64,000 workers. All size of businesses continued to cut jobs in July as large businesses lost 74,000 jobs, medium sized businesses shed 159,000 jobs and small businesses dropped 138,000 jobs.
The market-moving US Nonfarm Payrolls report for July is to be released Friday at 12:30 pm GMT with market forecasts predicting an approximate decline of 328,000 jobs after June’s 467,000 decrease.
US Dollar gains in forex trading.
The U.S. dollar has been stronger in forex trading today against the other major currencies this morning in the US trading session. The euro, Swiss franc, Australian dollar, Canadian dollar and New Zealand dollar have all declined versus the American currency while the Japanese yen has increased.
The EUR/USD pair has declined slightly from today’s opening rate of 1.4411 dollars at 00:00GMT to trading to 1.4370 at 10:51 am EST in the morning of the U.S. trading session according to currency data by Oanda.
The GBP/USD is currently almost unchanged from today’s opening level at 1.6946 as this currency pair trades at 1.6944.
The US dollar is falling slightly so far today against the yen as the USD/JPY opened today at 95.09 and has declined to trading at 94.94.
The dollar is increasing today versus the Swiss franc as the USD/CHF has gone from the 1.0594 opening rate to trading at 1.0637.
The dollar has increased today against the Canadian loonie and looking to increase two days in a row. The USD/CAD has advanced to trading around the 1.0746 level today after opening at 1.0725.
The Australian Aussie has fallen versus the US dollar today as the AUD/USD has declined to the 0.8379 level after opening at 0.8441. The New Zealand kiwi has also declined against the dollar as the NZD/USD has reached the 0.6722 level today after opening the day at 0.6734.
AUD/USD Chart – The Australian Dollar falling against the US Dollar this morning in forex trading. The Aussie had been in a distinct uptrend on the hourly chart in the first half of this week.
