Dollar Rises Against Major Counterparts On Strong Economic Data
(RTTNews) - The U.S. dollar firmed against its major counterparts on Tuesday on bets the Federal Reserve will slowdown its rate cut moves after data showed an improvement in the nation's service sector activity in the month of December. Higher bond yields contributed as well to greenback's rise.
A report from the Institute for Supply Management said the services PMI increased to 54.1 in December from 52.1 a month earlier. Economists had expected the reading to come in at 53.3%.
Data from the Labor Department showed job openings in the U.S. rose to 8.098 million in November from an upwardly revised 7.839 million in October. Job openings were expected to drop to 7.700 million from the 7.744 million originally reported for the previous month.
The dollar index advanced to 108.69, gaining nearly 0.4%.
Against the Euro, the dollar strengthened to 1.0344 from 1.0391. Against Pound Sterling, the dollar firmed to 1.2480 from 1.2521.
The dollar climbed against the Japanese currency, fetching 157.98 yen a unit, from 157.65 yen on Monday. The Aussie weakened against the dollar to C$ 0.6232 from $0.6245.
Against Swiss franc, the dollar climbed to CHF 0.9096 from CHF 0.9045. The dollar strengthened to 1.4364 against the Loonie, on Friday.
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