EURUSD drops to 1.3080; ADP Employment release

by on January 3, 2013 1:16 pm GMT

EURUSD down to more than 100 pips on speculation U.S. policy makers will struggle to reach agreement on raising the nation’s debt limit, underpinning demand for the safest assets.

The dollar advanced 0.7 percent to $1.3089 per euro at 7:21 a.m. New York time and reached $1.3082, the strongest level since Dec. 14. The yen rose 1.3 percent to 113.71 per euro. Japan’s currency gained 0.5 percent to 86.87 per dollar after depreciating to 87.36, the weakest since July 2010.

EURUSD trending ahead of U.S. ADP employment release at 13:15