The dollar is higher against its major counterparts Wednesday en route to its highest level against the euro since last summer, after the publication of better than expected U.S. economic data
The dollar rallied against its major currency counterparts Wednesday following the release of stronger than expected economic data. The dollar erased overnight losses against the euro after the release of better than expected ADP employment report in January non-farm, while the ISM Non-Manufacturing PMI showed expansion in service sector activity in the U.S. economy world.
The ICE Dollar Index, which tracks the performance of the greenback against a trade-weighted basket of currencies, was at 79.360 from 79.000. The better than expected economic data increased the confidence of key pre-Farm Employment denunciation Friday, renewing expectations that the Federal Reserve will raise interest rates sooner than previously expected. The EUR / USD was also pressured by concerns about reviving the fiscal health of Greece and Portugal. The dollar also pushed to two weeks against the yen.