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Forex News: U.S. Dollar Nearly Flat As Data Points To

U.S. Dollar Nearly Flat As Data Points To Growth But Misses Estimates

05/05/2021 - 16:44:00 (RTTNews)

(RTTNews) - The U.S. dollar saw some strength overnight but has shown a lack of direction over the course of trading on Wednesday. The U.S. dollar index is currently trading at 91.28, down by less than a tenth of a percent.

The greenback is trading at 109.20 yen compared to the 109.33 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.2004 compared to yesterday's $1.2014.

The choppy trading comes as the latest U.S. economic pointed to continued strength in the economy but came in below economist estimates.

Early in the day, payroll processor ADP released a report showing private sector job growth accelerated in the month of April but still came in below expectations.

ADP said private sector employment spiked by 742,000 jobs in April after surging by an upwardly revised 565,000 jobs in March.

However, economists had expected private sector employment to soar by 800,000 jobs compared to the jump of 517,000 jobs originally reported for the previous month.

The Institute for Supply Management also released a report showing an unexpected slowdown in the pace of growth in U.S. service sector activity in the month of April.

The ISM said its services PMI edged down to 62.7 in April after jumping to an all-time high of 63.7 in March. A reading above 50 still indicates growth in the service sector, but economists had expected the index to inch up to 64.3.

The unexpected drop by the services index comes after the ISM released a separate report earlier this week showing an unexpected slowdown in the pace of growth in U.S. manufacturing activity.

In economic news from the Eurozone, data showed Eurozone private sector growth continued for second consecutive month as manufacturing and services industries expanded.

The IHS Markit composite purchasing managers' index rose to 53.8 in April from 53.2 in March. That was slightly stronger than a preliminary reading of 53.7.

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