Dollar rallies on upbeat U.S. data
Last Updated: 2013-09-06 10:18 | Xinhua
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The U.S. dollar advanced against major currencies Thursday on a series of positive economic data.

U.S. private sector added 176,000 jobs in August, according to the payroll processing institute ADP.

Meanwhile, the number of Americans who initially applied for unemployment benefits fell by 9,000 to 323,000, the U.S. Labor Department reported Thursday.

The pair of jobs data came out a day before a widely-watched nonfarm payroll report to be released by the Labor Department Friday.

Moreover, the U.S. Non-Manufacturing Index registered 58.6 in August from 56 in July, according to the Institute for Supply Management (ISM). A reading above 50 indicates expansion in the sector.

The dollar reached a seven-week high against the euro after the European Central Bank kept its benchmark interest rate unchanged at 0.5 percent. ECB President Mario Draghi said officials discussed a possible interest rate cut.

The dollar/yen rate also broke the level of 100 as upbeat U.S. economic data boosted speculations that the Federal Reserve may start to taper its monetary stimulus in its upcoming policy meeting scheduled on Sept. 17-18.

In late New York trading, the euro fell to 1.3122 dollars from 1.3207 dollars of the previous session, and the British pound decreased to 1.5519 dollars from 1.5623 dollars. The Australian dollar slipped to 0.9120 dollars from 0.9169 dollars.

The dollar bought 100.13 Japanese yen, higher than 99.74 yen of the previous session. The dollar moved up to 0.9449 Swiss francs from 0.9361, and went up to 1.0503 Canadian dollars from 1.0494.

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