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US dollar rises amid economic data

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New York: The US dollar traded higher against most major currencies on Wednesday as investors digested a slew of economic data.

In late New York trading, the euro rose to $1.1868 from $1.1810, and the British pound climbed to $1.3239 from $1.3218, Xinhua news agency reported.

The Australian dollar decreased to $0.7976 from $0.7977.

The US dollar bought 110.56 Japanese yen, higher than 110.23 yen of the previous session. The US dollar rose to 0.9695 Swiss franc from 0.9652 Swiss franc, and it edged up to 1.2559 Canadian dollars from 1.2526 Canadian dollars.

Investors were trying to find clues on when the Federal Reserve might start the balance sheet reduction and whether the Fed will raise interest rate again this year.

US private sector employment increased by 178,000 jobs from June to July, well below market consensus of 185,000, said the July ADP National Employment Report on Wednesday.

The ADP report is often seen as a preview for the closely-watched US nonfarm payrolls data due out on Friday.

The dollar index, which measures the greenback against six major peers, was down 0.32 per cent at 92.746 in late trading.

IANS

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