The dollar pared its losses against the euro and yen after a report showed enough jobs were added in private sector, lifting expectations on tomorrowâ€™s non-farm payrolls.
ADP report showed there were 40k jobs added in December, following a revised 179k increase in the previous month. The message this figure delivered to us is two-folded. First, the labor market had peaked and started to cool down. Secondly, there is no sign of a contraction given enough new jobs created.