The dollar declined across the board on Wednesday following the release of weaker-than-expected U.S. private payrolls data, signaling ongoing softness in the labor market.

The data also revealed a contraction in the U.S. services sector for the first time in approximately a year during May.

The big picture: According to the ADP National Employment Report, private payrolls in the U.S. only increased by 37,000 jobs in May, a significant drop from the 60,000 rise in April. • The disappointing data prompted U.S. President Donald Trump to repeat his call for Federal Reserve Chair Jerome Powell to consider lowering interest rates. Trump’s stance suggests concern over the gap between expectation and actual performance in the labor market. • In addition to the labor market concerns, data als

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