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5th of April 2017, 2:55:22 PM

Forex - Dollar trims gains vs. yen after mixed U.S. data

The dollar pared some gains against the yen on Wednesday after U.S. economic reports on private sector hiring and service sector growth painted a mixed picture of the economy.The Institute for Supply Management said its index of non-manufacturing activity fell to 55.2 in March from February’s 57.6. It was the lowest since October 2016 and fell short of economists’ forecasts of 57.0.Earlier Wednesday, payroll processor ADP reported that the U.S. private sector created 263,000 new jobs in March, far more than the 187,000 which economists had expected.The upbeat jobs data suggested that Friday’s government nonfarm payrolls report could surprise to the upside.USD/JPY was at 111.15, up 0.37% for the day by 10.50 ET, off an intra-day high of 111.44.Investors remained cautious ahead of what was expected to be a tense summit meeting between U.S. President Donald Trump and Chinese leader Xi Jinping on Thursday to discuss U.S.-China trade and security issues, including North Korea’s arms program.The greenback has come under pressure in recent weeks amid growing doubts over whether the Trump administration's economic proposals would boost the U.S. economy and allow the Federal Reserve to tighten policy more aggressively.The Fed was to release the minutes of its March meeting later Wednesday, ahead of Friday’s U.S. jobs report.The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was a touch higher at 100.49.The euro edged lower, with EUR/USD dipping to 1.0665, holding above the three-week lows of 1.0634 set on Tuesday.Sterling remained higher, with GBP/USD up 0.34% to 1.2482 after survey data showing that growth in the dominant UK service sector picked up to a three month high in March.Meanwhile, the Canadian dollar slipped lower, with USD/CAD ticking up 0.1% to 1.3416 as prices of oil, a major Canadian export, retreated after a report showing a surprise build in U.S. inventories last week.


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