ADP Non-Farm Payrolls provided some good news: the private sector gained 114K jobs in July, better than 100K that was expected. This triggers some risk appetite, with the dollar gaining against the yen and dropping against the euro. These moves are limited, and they reflect the doubt the market has in these ADP numbers. USD/JPY and USD/CHF are slightly higher after the publication. The franc and the yen retreat on good US figures. The rise of the euro and the pound, shows that the risk factor is in play: good US figures increase the appetite for risk – and these currencies are “risky”. This behavior shows that risk ... (full story)