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The American Dollar Rose Supported Economic Data

New York  (Benchmark News) – The exchange rate of the US dollar strengthened against other major currencies on Wednesday (30/11/1999), supported by positive economic data coming out of the country.

U.S. private sector jobs add 216,000 job from October to November, well above market forecasts, according to the ADP National Employment Report for November on Wednesday.

The ADP numbers supervised strictly as an indicator for the non farm employment report to be released on Friday (2/12).

At the previous session, gross domestic product (GDP) of the U.S. increased at an annual rate of 3.2 per cent in the third quarter of 2016, according to the “second” estimate released by the Department of Commerce, Tuesday. In the second quarter, real GDP increased by 1.4 percent.

The latest estimate is slightly higher than the market consensus is for a rise in 3.1 per cent.

In addition, oil prices surged on Wednesday also sparked investors ‘ view for higher inflation in the coming months.

Analysts said the positive economic data and inflation expectations supporting market speculation for the rise in interest rates at the end of the year and a further increase in the next year.

The dollar index, which tracks the greenback against six major currencies, rose 0.59 per cent to 101.530 in late trading.

In late New York trading, the euro dropped to 1.0596 dollars from 1.0642 dollars, and pounds United Kingdom slumped to 1.2500 dollars from 1.2503 dollars. Australia dollar dropped to 0.7393 dollars from 0.7486 dollars.

The dollar bought 114.18 Japan yen, higher from 112.40 yen in the previous session. The dollar rose in thin into Switzerland from 1.0117 francs 1.0166 francs in Switzerland, and rose to 1.3423 dollars from 1.3418 dollars in Canada Canada…(Red)

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