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Dollar Gains Against Major Counterparts
(RTTNews) - The U.S. dollar gained against most of its major counterparts on Tuesday after data showed a stronger than expected growth in the nation's services sector activity in the month of November.
A report released by the Institute for Supply Management showed service sector activity in the U.S. grew at a slightly faster rate in the month of November.
The ISM said its services PMI crept up to 52.7 in November from 51.8 in October, with a reading above 50 indicating growth. Economists had expected the index to inch up to 52.0.
Data from the Labor Department showed job opening slid to 8.73 million in October from 9.35 million in September, falling to the lowest level since March 2021. Economists had expected job openings to edge down to 9.30 million.
U.S. non-farm payroll data for November is due on Friday. Economists currently expect employment to increase by 185,000 jobs in November after rising by 150,000 jobs in October, while the unemployment rate is expected to hold at 3.9%.
The dollar index surged to 104.09 before easing to 103.95, but still remained firm, gaining nearly 0.25% over the previous close.
Against the Euro, the dollar firmed to 1.0798 from 1.0836, and strengthened to 1.2596 against Pound Sterling from 1.2634.
The dollar was down slightly against the Japanese currency at 147.16 yen. Against the Aussie, the dollar firmed to 0.6554 from 0.6621.
The Swiss franc eased to 0.8750 against the dollar from 0.8728. The dollar strengthened to C$ 1.3592 from C$1.3539 against the loonie as oil prices dropped on demand concerns.
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