U.S. Dollar Gains on Signs of Strong Job Growth
By Daniel Kruger
The U.S. dollar rose after signs of continued strength in the labor market.
The Wall Street Journal Dollar Index, which measures the currency against a basket of 16 others, rose 0.2% to a recent 86.96.
The dollar's gains came as firms across the country added 190,000 workers to their ranks in November, according to payroll processor Automatic Data Processing Inc. and forecasting firm Moody's Analytics. Economists surveyed by The Wall Street Journal had expected the addition of 175,000 jobs.
The ADP report is based on private-payroll data in addition to government data.
The prospect of higher interest rates also boosted the currency.
Policy makers have indicated they will raise rates for the third time this year when the Federal Reserve meets next week. Rising interest rates typically attract yield-seeking investors to a currency in search of higher returns.
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(END) Dow Jones Newswires
December 06, 2017 13:38 ET (18:38 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.