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Forex News: Dollar At 1-1/2-month High Vs Yen After ADP

Dollar At 1-1/2-month High Vs Yen After ADP Private Payrolls; Fed Decision Eyed

05/03/2017 - 09:35:00 (RTTNews)

(RTTNews) - The U.S. dollar hit a 1-1/2-month against the yen in the European session on Wednesday, as a data showed that U.S. private sector employment rose roughly in line with economist estimates in April and investors awaited the Fed monetary policy decision for rate hike clues.

Data from payroll processor ADP showed that the U.S. private sector employment climbed by 177,000 jobs in April after surging up by a revised 255,000 in March.

Economists had expected employment to increase by 175,000 jobs compared to the jump of 263,000 jobs originally reported for the previous month.

The Fed will conclude its two-day meeting later today, with economists expecting the central bank to keep rates on hold at 1.00 percent. Market participants closely await the accompanying statement for clues about when future rate hikes could come.

Market participants also focus on the non-farm payrolls report due Friday, which is expected to show that the economy may have added 190,000 jobs in April after an unexpectedly weak March.

The greenback showed mixed performance in the Asian session. While the currency fell against the euro and the pound, it held steady against the franc. Against the yen, it climbed.

The greenback firmed to 112.37 against the Japanese yen, its strongest since March 21. The next likely resistance for the greenback-yen pair is seen around the 114.00 level.

The greenback climbed to a 2-day high of 0.7467 against the aussie, following a decline to 0.7546 at 8:00 pm ET. Continuation of the greenback's uptrend may see it challenging resistance around the 0.73 region.

Following an 8-day decline to 0.6968 against the NZ dollar at 6:45 pm ET, the greenback changed course and was trading higher at 0.6914. The greenback is seen finding resistance around the 0.675 level.

The greenback rose back to 1.3734 against the loonie, from an early low of 1.3702. The greenback ended Tuesday's trading at 1.3708 versus the loonie.

The greenback held steady at 0.9902 against the franc, after touching a multi-week low of 0.9891 at 5:45 am ET. The pair was valued at 0.9915 when it finished yesterday's trading.

After a staging a brief rally to 1.0907 against the euro in the European session, the greenback stabilized around the upper 1.09 levels. This may be compared to a 5-day low of 1.0937 set at 8:00 pm ET. The pair was worth 1.0932 at yesterday's close.

Preliminary flash estimate from Eurostat showed that Eurozone economic growth rate remained stable in the first quarter.

GDP expanded 0.5 percent sequentially, the same pace of growth as seen in the fourth quarter, and in line with expectations.

The greenback, having declined to a 5-day low of 1.2948 against the pound at 9:15 pm ET, reversed direction and was trading sideways during the European session. At Tuesday's close, the pair was quoted at 1.2938.

Survey results from IHS Markit showed that the UK construction sector growth improved unexpectedly in April, driven by increased civil engineering activity.

The Chartered Institute of Procurement & Supply/Markit Purchasing Managers' Index climbed to 53.1 in April from 52.2 in March.

At 10:00 am ET, the Institute for Supply Management is scheduled to release its report on activity in the service sector in April. The non-manufacturing index is expected to inch up to 55.8 in April from 55.2 in March.

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