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Stocks Fall most in 2 Months, Risk Off
U.S. Dollar Trading (US) a shocking ADP jobs report combined with a slump in the US manufacturing ISM to send stocks down over 2%. May ADP private payrolls at 38k vs. 177k previously. May ISM Manufacturing dropped to 53.3 vs. 60.4 previously. In US stocks, DJIA -279 points closing at 12290, S&P -30 points closing at 1314 and NASDAQ -66 points closing at 2769. Looking ahead, Weekly Jobless Claims forecast at 415k vs. 424k previously. Also Weekly Crude inventories forecast at -1.7m vs. 0.6m previously.
The Euro (EUR) traded at fresh weekly highs in Europe before slumping on risk aversion due to the sharp fall in US stocks. May PMI Manufacturing fell further on revisions to 54.4 vs. 54.6 initially. EUR/CHF slump towards fresh all-time lows near 1.2000 on continued demand for the safe haven Swiss franc. Overall the EUR/USD traded with a low of 1.4306 and a high of 1.4460 before closing the day around 1.4350 in the New York session. Looking ahead, ECB President Trichet speaks
