Shutterstock photo
Markets

Forex - Dollar broadly lower vs. rivals after weak U.S. data

Shutterstock photo

Shutterstock photo

Forex Pros - The U.S. dollar was broadly lower against its major counterparts on Wednesday, as weak U.S. jobs and service sector data added to the view that the Federal Reserve would not hike interest rates for some time to come.

During U.S. morning trade, the greenback was lower against the euro, with EUR/USD gaining 0.44% to hit 1.4891.

Official data showed earlier that euro zone retail sales fell sharply in March, pointing to weaker household demand.

The greenback was also lower against the pound, with GBP/USD rising 0.21% to hit 1.6520.

Earlier Wednesday, data showed that construction activity in the U.K. declined significantly more-than-expected in April, while lending to British consumers and homebuyers rose less-than-expected in March.

Elsewhere, the greenback was down against both the yen and the Swiss franc with USD/JPY shedding 0.37% to hit 80.62 and USD/CHF falling 0.43% to hit 0.8575.

Meanwhile, the greenback was higher against its Canadian, Australian and New Zealand counterparts, with USD/CAD climbing 0.47% to hit 0.9566, AUD/USD shedding 0.36% to hit 1.0804 and NZD/USD plunging 1.14% to hit 0.7893.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.28%.

Earlier Wednesday, payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 179,000 in April, disappointing expectations for a 200,000 increase.

In a separate report, the Institute of Supply Management said its non-manufacturing purchasing manager's index fell to 56.9 last month. Analysts had expected the index to ease up to 57.4 in April.

Forex News

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

ForEx

Latest Markets Videos