Dollar Largely Uncertain Against Major Counterpart, Wednesday, August 01, 2007 4:11:41 PM
The dollar was generally uncertain against its major counterparts on Wednesday morning in New York. The greenback was little changed amid choppy trading against the sterling and euro. The buck was up on the yen. Greenback traders mulled over a slew of economic data released in the morning in the U.S. Pending home sales data for June rose by 5%, the ISM manufacturing index came in lower-than-expected at 53.8 and the ADP employment report showed weaker-than-expected American job growth in July.The U.S. dollar was little changed against the euro on Wednesday in New York. After an early rise, the greenback began to move lower at around 5 a.m. ET. It dropped sharply a few hours following the release of employment data and edged even lower in the later morning. The greenback gained some strength in the afternoon and moved to 1.3670 at 4 p.m. ET. Overall, trading has been uncertain over the last few days. Traders considered data showing the Euro zone Purchasing Manager`s Index for the manufacturing sector declined to 54.9 in July from 55.6 in June.
The dollar was uncertain against the sterling on Wednesday in New York. The greenback fell sharply following the release of employment data in the mid-morning. The dollar edged higher for the rest of the morning and into the afternoon,, but dropped again at around 3:45 p.m. The pair traded 2.0301 at 4 p.m. Traders mulled data showing that U.K. consumer confidence saw little change in July, adding a point to reach 95.
The dollar saw afternoon strength against the yen on Wednesday and moved to a daily high. The greenback fell during the overnight levels until about 6 a.m. ET when it began to climb for about four hours. It added further gains with a rally that started at around 3 p.m. ET. The pair was at 118.95 at 4:05 p.m. ET. Japanese currency investors considered data showing that new vehicle sales in the nation fell 9.7% year-over-year in July.
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posted by Kalin Tasev @ 7:47 PM
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