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Forex News: U.S. Dollar At Multi-week Highs Versus Euro, Franc

U.S. Dollar At Multi-week Highs Versus Euro, Franc After ADP Data

03/06/2019 - 09:42:00 (RTTNews)

(RTTNews) - The U.S. dollar was notably higher against the euro and the Swiss franc in the European session on Wednesday, climbing to multi-week highs, after the release of ADP data showing continued job growth in U.S. private companies for February.

Data from payroll processor ADP showed that U.S. private sector employment increased by 183,000 jobs in February after soaring by an upwardly revised 300,000 jobs in January.

Economists had expected employment to climb by 189,000 jobs compared to the addition of 213,000 jobs originally reported for the previous month.

Meanwhile, data from the Commerce Department showed that U.S. trade deficit widened more than anticipated in December as imports jumped and exports slumped.

The trade deficit widened to $59.8 billion in December from a revised $50.3 billion in November.

Economists had expected the deficit to widen to $57.9 billion from the $49.3 billion originally reported for the previous month.

Investors focused on growing tensions between the U.S. and North Korea.

After North Korea reportedly restored part of a missile launch site it had begun to dismantle, U.S. President Donald Trump's national security advisor John Bolton has warned that the U.S. will look at ramping up sanctions against the country.

The currency rose against its most major counterparts in the Asian session, as strong data on U.S. service activity and new home sales released overnight soothed fears over the health of the world's largest economy.

The greenback spiked up to 1.0056 against the franc, its strongest since February 19. The greenback is seen finding resistance around the 1.03 level.

The greenback advanced to a new 2-week high of 1.1286 against the euro, following a decline to 1.1315 at 8:15 am ET. The greenback is poised to challenge resistance around the 1.10 mark.

Survey data from IHS Markit showed that Eurozone's construction activity improved in February, led by upturns in commercial and infrastructure activity and stronger expansion in housing activity.

The Construction Purchasing Managers' Index, or PMI, rose to 52.6 in February from 50.6 in January.

The greenback strengthened to 1.3391 against the loonie, a level unseen since January 4. On the upside, 1.35 is possibly seen as the next resistance level for the greenback.

The U.S. currency held steady at 1.3141 against the pound, after having rebounded from a low of 1.3179 touched at 5:15 pm ET. At yesterday's close, the pair was worth 1.3178.

The greenback firmed to a 2-month high of 0.7024 against the aussie early in the European session and held steady thereafter. The pair was valued at 0.7084 when it ended deals on Tuesday.

On the flip side, the greenback pared gains to 111.77 against the Japanese yen, from a high of 111.92 set at 4:15 am ET. Next key support for the greenback is likely seen around the 110.00 level.

Having advanced to a 3-week high of 0.6753 against the kiwi at 10:45 pm ET, the greenback reversed direction with the pair trading at 0.6780. The kiwi-greenback pair had finished Tuesday's trading at 0.6794.

Looking ahead, Canada Ivey PMI for February and U.S. Federal Reserve's Biege book report are scheduled for release in the New York session.

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