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Forex: Wednesday’s review
Yesterday the dollar rose against most of its major peers as investors seeking a refuge from signs of slower global growth ignored U.S. reports showing the service industries and private employment expanded more than forecast. Private employers in the U.S. increased payrolls by 162,000 workers in September following a revised 189,000 jump in August, figures from Roseland, New Jersey-based ADP Employer Services showed. The median forecast of 38 economists surveyed by Bloomberg projected a 140,000 advance.
Australia’s dollar slid to the least in almost a month after the nation had its widest trade deficit since 2008 and data showed China’s services industry expanded the least in more than a year.
The euro was little changed versus the greenback after a report showed the region’s services and manufacturing shrank. A composite index based on a survey of euro-area services and manufacturing purchasing managers fell to 46.1 from 46.3 in August, London-based Markit Economics said. That’s above an initial estimate of 45.9 published on Sept. 20. A reading below 50 indicates contraction.
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