Forex Today: Adp Report Nails Dollar Down, Oil Breaks Below $50.00

Forex Today: Adp Report Nails Dollar Down, Oil Breaks Below $50.00

Markets continue to back the greenback with a continuation of positive data come from the US economy. The ADP report was adding 298,000 new jobs during February and this drove demand for the dollar as investors are expecting a strong Nonfarm Payroll report this Friday. US 10yr treasury yields rose from 2.51% to 2.58% and to a three-month high while markets fully price in a rate hike from the Fed next week. At the same time, oil was on its knees and crashing almost $3.00 in WTI and below $50.00bbl while commodities elsewhere also struggle in a dollar strong environment.