Forex – Dollar Rebounds After Positive Data

© Reuters. The U.S. dollar rose on Wednesday. – The U.S. dollar rallied on Wednesday after higher-than-expected private sectors jobs data.

U.S. employers added 230,000 jobs in September, well above economists’ expectations, a report by payrolls processor ADP showed on Thursday.

Economists had expected the ADP nonfarm payrolls report to show a gain of 187,000 jobs.

The , which measures the greenback’s strength against a basket of six major currencies, rose 0.13% to 95.25 as of 11:14 AM ET (15:14 GMT).

Elsewhere, the euro was lower despite news that Italy’s government will reduce its budget deficit targets for 2020 and 2021 to 2.2% and 2% respectively and stick with its plan for 2.4% for 2019.

The government originally stated it would run a deficit of 2.4% for three years, which would have breached European Union fiscal rules.

Italy has the biggest nominal debt in the EU and its promise of increasing the deficit sparked fears of a renewed financial crisis and caused a steep increase in 10-year Italian bond yields earlier this week.

inched down 0.10% to 1.1535 and rose 0.18% to 1.3011.

The Australian dollar was lower, with down 0.57% to 0.7146, while fell 0.68% to 0.6546 and inched down 0.04% to 1.2817.

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