Better than expected ADP employment data, plus upgraded Q3 productivity and unit labor costs, sparked a modest dollar rally in N.Y. on Wednesday. The greenback briefly added to morning gains on the back of Fed chair Yellen's speech, where she appeared to lay the groundwork for a December rate hike. EUR-USD posted new nearly eight month lows of 1.0551, before rallying into the close on pre-ECB short covering. USD-JPY made two-week highs of 123.67, as yields rebounded. USD-CAD slipped from highs of 1.3407 following the BoC announcement, where the bank painted a fairly upbeat picture.
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