NEW YORK : The dollar recovered quickly from a fall on Wednesday when comments from a top U.S. Federal Reserve official appeared to suggest that the central bank may reduce support for the improving economy more quickly than widely thought.
The ADP National Employment Report was seen as possibly foreshadowing softness in jobs data due on Friday from the American government. The initial downdraft came when the ADP National Employment Report showed U.S. private payrolls increased about half as much as economists had expected, likely constrained by shortages of workers and raw materials.The ADP report has a mixed record of predicting the government report, Issa said, but added,"the miss is substantial enough that the markets may be a little bit more nervous going into Friday's report.
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