FOREX TradingCharts.com

Forex News: U.S. Dollar Seeing Modest Strength Following Upbeat Service

U.S. Dollar Seeing Modest Strength Following Upbeat Service Sector Data

06/05/2024 - 16:30:00 (RTTNews)

(RTTNews) - After trending lower over the past few days, the value of the U.S. dollar has shown a modest move back to the upside during trading on Wednesday.

The U.S. dollar index has fluctuated over the course of the day but is currently up 0.19 points or 0.2 percent at 104.30.

The greenback is trading at 156.14 yen compared to the 154.88 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.0869 compared to yesterday's $1.0879.

The uptick by the dollar comes following the release of a report from the Institute for Supply Management showing service sector activity returned to growth in the month of May after contracting in April for the first time since December 2022

The ISM said its services PMI jumped to 53.8 in May from 49.4 in April, with a reading above 50 indicating growth in the sector. Economists had expected the index to inch up to 50.8.

With the much bigger than expected increase, the services PMI reached its highest level since hitting 54.1 in August 2023.

The buck had moved to the downside earlier in the session as payroll processor ADP released a report showing private sector job growth in the U.S. slowed by more than expected in the month of May.

ADP said private sector employment climbed by 152,000 jobs in May after jumping by a downwardly revised 188,000 jobs in April.

Economists had expected private sector employment to increase by 173,000 jobs compared to the addition of 192,000 jobs originally reported for the previous month.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Commodity Currencies Rise, Focus On U.S. CPI Data, Fed Meeting (06 hr(s), 22 min(s), 11 sec(s) ago)
(RTTNews) - The commodity currencies such as Australia, the New Zealand and the Canadian dollars s ...Full Story»

Canadian Dollar Advances Against Most Majors (07 hr(s), 43 min(s), 11 sec(s) ago)
(RTTNews) - The Canadian dollar strengthened against most major currencies against most major curr ...Full Story»

NZ Dollar Advances Against Most Majors (08 hr(s), 04 min(s), 10 sec(s) ago)
(RTTNews) - The New Zealand dollar strengthened most major currencies in the Asian session on Wedn ...Full Story»

Australian Dollar Rises Against Majors (08 hr(s), 16 min(s), 10 sec(s) ago)
(RTTNews) - The Australian dollar strengthened against other major currencies in the Asian session ...Full Story»

Euro Declines On Political Uncertainty (49 min(s), 49 sec(s) ago)
(RTTNews) - The euro weakened on Tuesday, as the far-right National Rally party's success in t ...Full Story»

Yen Falls Against Majors (07 hr(s), 04 min(s), 10 sec(s) ago)
(RTTNews) - The Japanese yen weakened against other major currencies in the European session on Tu ...Full Story»

Pound Rises Against Majors (09 hr(s), 40 min(s), 11 sec(s) ago)
(RTTNews) - The British pound strengthened against most major currencies in the Asian session on T ...Full Story»

Swiss Franc Rises Against U.S. Dollar, Euro (34 min(s), 50 sec(s) ago)
(RTTNews) - The Swiss franc climbed against the U.S. dollar and the euro in the New York session o ...Full Story»

Search

FOREX NEWS

Commodity Currencies Rise, Focus On U.S. CPI Data, Fed Meeting

06/12/2024 - 05:13 AM (RTTNews)
(RTTNews) - The commodity currencies such as Australia, the New Zealand and the Canadian dollars s ...Full Story>>

Canadian Dollar Advances Against Most Majors

06/12/2024 - 03:52 AM (RTTNews)
(RTTNews) - The Canadian dollar strengthened against most major currencies against most major curr ...Full Story>>

NZ Dollar Advances Against Most Majors

06/12/2024 - 03:31 AM (RTTNews)
(RTTNews) - The New Zealand dollar strengthened most major currencies in the Asian session on Wedn ...Full Story>>

Australian Dollar Rises Against Majors

06/12/2024 - 03:19 AM (RTTNews)
(RTTNews) - The Australian dollar strengthened against other major currencies in the Asian session ...Full Story>>

Euro Declines On Political Uncertainty

06/11/2024 - 12:25 PM (RTTNews)
(RTTNews) - The euro weakened on Tuesday, as the far-right National Rally party's success in t ...Full Story>>

Do not sell my personal information

Copyright © 2024. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.