08:43 AM EDT, 05/01/2024 (MT Newswires) -- The US dollar softened further against major trade partner currencies during early North American trade on Wednesday as the market appeared to overlook a stronger-than-expected ADP employment report for April.

Employment rose by 192,000 in April, Automatic Data Processing said on Wednesday, as private sector payroll gains slowed from an upwardly revised 208,000 increase in March.

The April number was above the consensus of 179,000 and could mean that overall non-farm payroll growth moderated only slightly last month following a bumper increase of 303,000 in March.

However, ADP reported that wage growth continued to slow in April, potentially explaining why the dollar softened following the release, with pay growth for job changers dipping to 9.3% from 10.1% previously.

EUR/USD was quoted 0.10% higher at 1.0677 following the release, while GBP/USD was 0.02% lower at 1.2487 after rising from an intraday low of 1.2465 throughout the European morning.

USD/JPY, meanwhile, was 0.04% higher at 157.81 after falling from 157.90 following the release and USD/CAD was 0.12% lower at 1.3761 after ebbing from 1.3771.