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5th of April 2017, 4:47:18 PM

Dollar rises on strong U.S. private sector jobs report

The dollar traded higher against a basket of major currencies on Wednesday, buoyed by a surge in private sector job creation in March, which overshadowed a slight slowdown in the services sector.The dollar surged to session highs, after ADP and Moody's Analytics said U.S. private employers added 263,000 jobs for the month. That was well above economists’ expectations of 187,000.The private payrolls report came two-days before the Labor Department releases its much anticipated Nonfarm payrolls reports.Meanwhile, a separate report from the Institute for Supply Management showed that non-manufacturing activity slowed more than expected to 55.2 from 57.6 in February.The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, added 0.20% to 100.64 by 12:50 EDT.The pound continued to hold firm against the dollar, on the back of a stronger than expected performance in the UK services sector in March.Elsewhere, EUR/USD moved off the lows to trade at $1.0652, down 0.18%, while EUR/GBP lost 0.43% to 0.8540.Meanwhile, it appears that the political tension from an upcoming meeting between U.S. President Donald Trump and Chinese President Xi, has eased as investors pulled away from the yen, which is considered a safe haven currency.USD/JPY rose 0.48% to 111.28 while USD/CAD added 0.10% to $1.3417.


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