Investing.com - The dollar pushed higher against the other major currencies on Wednesday, supported by the release of an upbeat U.S. employment report, while investors eyed U.S. service sector data to be released later in the trading session.
During European afternoon trade, USD/JPY eased up 0.03% to 102.55.
The greenback strengthened broadly after data showed that U.S. non-farm private employment rose at the strongest pace in nine months in November, fuelling optimism over the U.S. labor market.
Payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 215,000 last month, blowing past expectations for an increase of 173,000.
The previous month’s figure was revised up to a gain of 184,000 from a previously reported increase of 130,000.
A separate report showed that the U.S. trade deficit narrowed to a seasonally adjusted USD40.6 billion in October, from a deficit of USD43.0 billion in September, whose figure was revised from a previously reported deficit of USD41.8 billion.
Analysts had expected the U.S. trade deficit to narrow to USD40 billion in October.
Meanwhile, expectations that the Bank of Japan will have to expand its stimulus program in order to meet its target of 2% inflation by 2015 continued to pressure the yen lower.
Elsewhere, EUR/USD was down 0.31% to 1.3547.
In the euro zone, official data showed that retail sales fell 0.2% in October, confounding expectations for a 0.3% rise, after a 0.6% decline the previous month.
The report came after Markit said that the bloc's final services purchasing managers' index inched up to 51.2 in November, up from a preliminary reading of 50.9 and compared to 51.6 in October.
Germany's services PMI rose to 55.7 in November, up from a preliminary reading of 54.5 and compared to 52.9 in October.
The pound edged lower against the dollar, with GBP/USD down 0.26% to 1.6344.
Earlier in the day, Markit said the U.K. services PMI fell to 60.0 in November from a reading of 62.5 in October, which was the strongest since May 1997. Analysts had expected the index to decline to 62.0 last month.
The dollar edged higher against the Swiss franc, with USD/CHF adding 0.15% to 0.9058.
The greenback was broadly higher against the Australian, New Zealand and Canadian dollars, with AUD/USD tumbled 1.24% to 0.9024, NZD/USD declining 0.65% to 0.8188 and USD/CAD adding 0.14% to 1.0665.
Official data showed that Canada's trade balance swung into a surplus of CAD0.1 billion in October, from a deficit of CAD0.3 billion the previous month. Analysts had expected the trade deficit to widen to CAD0.7 billion in October.
The Aussie came under pressure after official data showed that Australia's gross domestic product rose 0.6% in the third quarter, less than the expected 0.8% expansion, after an upwardly revised 0.7% rise in the three months to June.
The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.31% to 80.87.
Later in the day, the Institute of Supply Management was to release its services PMI.
During European afternoon trade, USD/JPY eased up 0.03% to 102.55.
The greenback strengthened broadly after data showed that U.S. non-farm private employment rose at the strongest pace in nine months in November, fuelling optimism over the U.S. labor market.
Payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 215,000 last month, blowing past expectations for an increase of 173,000.
The previous month’s figure was revised up to a gain of 184,000 from a previously reported increase of 130,000.
A separate report showed that the U.S. trade deficit narrowed to a seasonally adjusted USD40.6 billion in October, from a deficit of USD43.0 billion in September, whose figure was revised from a previously reported deficit of USD41.8 billion.
Analysts had expected the U.S. trade deficit to narrow to USD40 billion in October.
Meanwhile, expectations that the Bank of Japan will have to expand its stimulus program in order to meet its target of 2% inflation by 2015 continued to pressure the yen lower.
Elsewhere, EUR/USD was down 0.31% to 1.3547.
In the euro zone, official data showed that retail sales fell 0.2% in October, confounding expectations for a 0.3% rise, after a 0.6% decline the previous month.
The report came after Markit said that the bloc's final services purchasing managers' index inched up to 51.2 in November, up from a preliminary reading of 50.9 and compared to 51.6 in October.
Germany's services PMI rose to 55.7 in November, up from a preliminary reading of 54.5 and compared to 52.9 in October.
The pound edged lower against the dollar, with GBP/USD down 0.26% to 1.6344.
Earlier in the day, Markit said the U.K. services PMI fell to 60.0 in November from a reading of 62.5 in October, which was the strongest since May 1997. Analysts had expected the index to decline to 62.0 last month.
The dollar edged higher against the Swiss franc, with USD/CHF adding 0.15% to 0.9058.
The greenback was broadly higher against the Australian, New Zealand and Canadian dollars, with AUD/USD tumbled 1.24% to 0.9024, NZD/USD declining 0.65% to 0.8188 and USD/CAD adding 0.14% to 1.0665.
Official data showed that Canada's trade balance swung into a surplus of CAD0.1 billion in October, from a deficit of CAD0.3 billion the previous month. Analysts had expected the trade deficit to widen to CAD0.7 billion in October.
The Aussie came under pressure after official data showed that Australia's gross domestic product rose 0.6% in the third quarter, less than the expected 0.8% expansion, after an upwardly revised 0.7% rise in the three months to June.
The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.31% to 80.87.
Later in the day, the Institute of Supply Management was to release its services PMI.