Investing.com – The dollar retreated from its highest levels of the year against a basket of major currencies as subdued economic data weighed on sentiment ahead of Friday’s nonfarm payrolls report.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.16% to 92.43.
The U.S. Department of Labor reported Thursday that rose by 2,000 to a seasonally adjusted 211,000 for the week ended April 27, beating economists’ forecast for a rise to 225,000.
data for April slowed to 56.8, missing expectations for a reading of 58.1.
The services sector is critical component of the US economy, accounting for roughly 80% of U.S. private-sector gross domestic product (GDP).
The Commerce Department said on Wednesday final rose 2.6% last month, in-line with the previous reading.
The economic reports come a day ahead of a nonfarm payrolls, expected to show the U.S. economy created jobs in April. Wage growth, or average hourly earnings, is expected to garner the bulk of the attention amid expectations that a tighter labour market would support faster inflation.
The Federal on Wednesday left interest rates unchanged, expressing confidence in the labor market, anticipating conditions to remain “strong.”
rose 0.02% to $1.3573 amid ongoing negative sentiment after UK services PMI data fell short of expectations.
rose 0.30% despite data showing inflation undershot economists’ estimates in April.
fell 0.59% to Y109.19, while fell 0.26% to C$1.2850.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Latest posts by investing.com (see all)
- Dollar loses steam on Fed minutes, Trump's tariff warning; euro pressured - May 24, 2018
- Forex – Dollar Drops Amid Risk Aversion - May 24, 2018
- China's premier gives vote of confidence to euro currency, debt - May 24, 2018