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US dollar gains on currency markets after encouraging jobs data

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The US dollar strengthened on Wednesday against major currencies, including the euro and the pound, following the release of encouraging jobs data.

[NEW YORK] The US dollar strengthened on Wednesday against major currencies, including the euro and the pound, following the release of encouraging jobs data.

Toward 2100 GMT, the euro stood at US$1.1148, down from US$1.1224 the day before. The US dollar rose against the yen to 101.25 from 100.90 and the pound fell to US$1.3316 from US$1.3354.

The European currency was at 112.87 yen, down from 113.25.

The private payroll firm ADP on Wednesday announced survey results putting net creation of new jobs at 179,000 in July, up 1.7 per cent from the prior month.

A private survey of the US services sector also showed continuing growth there.

"This, along with the fairly consistent jobless claims data over the past few weeks, eases some concerns about US economic data after the dismal" second-quarter GDP data released last week, said Christopher Vecchio of DailyFX.

On Friday, the Labor Department is due to announce official job-creation data for July, with markets looking for signs that could increase the likelihood of a hike in US interest rates.

AFP