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Forex News: Dollar Rising As Fed Leaves Rates Unchanged

Dollar Rising As Fed Leaves Rates Unchanged

05/03/2017 - 14:28:00 (RTTNews)

(RTTNews) - The dollar is gaining some ground against its major rivals Wednesday afternoon, after the Federal Reserve wrapped up its two-day policy meeting. The Fed voted unanimously to leave its benchmark interest rate at 0.75% to 1%, but signaled another rate hike is imminent despite recent economic weakness.

Downbeat economic news has gave policy makers reason to take a cautious approach to further tightening -- first quarter economic growth was slow, the March jobs report flopped and core inflation remains subdued.

The Fed continues to project two more rate hikes in 2017, as "the fundamentals underpinning the continued growth of consumption remain solid."

Private sector employment in the U.S. increased roughly in line with economist estimates in the month of April, according to a report released by payroll processor ADP on Wednesday. ADP said private sector employment climbed by 177,000 jobs in April after surging up by a revised 255,000 jobs 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.

Activity in the U.S. service sector grew at a faster than expected rate in the month of April, the Institute for Supply Management revealed in a report on Wednesday. The ISM said its non-manufacturing index rose to 57.5 in April from 55.2 in March, with a reading above 50 indicating growth in the service sector. Economists had expected the index to inch up to 55.8.

The dollar has climbed to $1.09 against the Euro this afternoon, from an early low of $1.0936.

Eurozone economic growth rate remained stable in the first quarter, preliminary flash estimate from Eurostat showed Wednesday. Gross domestic product expanded 0.5 percent sequentially, the same pace of growth as seen in the fourth quarter, and in line with expectations.

Eurozone producer price inflation eased at a faster-than-expected rate in March, figures from Eurostat showed Wednesday.

Industrial producer prices rose 3.9 percent year-over-year in March, slower than the 4.5 percent climb in February, which was the sharpest rate of increase since November 2011.

Economists had expected the inflation to slow to 4.2 percent.

Germany's unemployment declined more than expected in April, reports said citing data from the Federal Labor Agency on Wednesday.

The number of people out of work decreased by 15,000 compared to the expected fall of 11,000.

The jobless rate held steady at 5.8 percent, the lowest since the German reunification in 1990 and in line with expectations.

The buck has risen to around $1.2890 against the pound sterling Wednesday afternoon, from a low of $1.2947 this morning.

The UK construction sector growth improved unexpectedly in April, driven by increased civil engineering activity, survey results from IHS Markit showed Wednesday.

The Chartered Institute of Procurement & Supply/Markit Purchasing Managers' Index climbed to 53.1 in April from 52.2 in March. Meanwhile, economists had expected the index to fall slightly to 52.0.

Shop prices in the United Kingdom were down 0.5 percent on year in April, the British Retail Consortium said on Wednesday. That was in line with expectations following the 0.8 percent contraction in March.

The greenback has broken out to over a 1-month high of Y112.565 against the Japanese Yen this afternoon, from an early low of Y111.965 this morning.

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