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Significant global downturn will hurt US – Fed’s Dudley

FXStreet (Mumbai) - New York Fed’s Dudley was on the wires today stating that a significant global downturn and/or dollar strength could hurt US economy.

He assured markets that Fed would take deteriorating finances more seriously if they persist. “Must find out if financial conditions reflect the economic reality”, he added.

The comments are slightly dovish and may not come as a surprise since financial markets stay risk averse despite Japan’s negative rate surprise.

US dollar loses ground against Yen after ADP report

The USD/JPY pair added 10-pips to 119.46 levels after the release of a better than expected US ADP report, before falling back again to near daily low level of 119.13 levels.
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EUR/USD climbs further despite US ADP report

EUR/USD advanced to fresh daily highs despite the release of slightly better than expected US ADP employment report.
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