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U.S. dollar edges higher amid rallying stocks, upbeat report
Last Updated: 2018-11-01 16:16 | Xinhua
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The U.S. dollar rose against other major currencies in late trading on Wednesday amid rallying global stocks and upbeat economic report.

A surge in global stocks on Wednesday fueled demand for the greenback, driven by strong earnings from General Motors and Facebook. The Dow advanced 0.97 percent to 25,115.76, and the S&P 500 rose 1.09 percent to 2,711.74, while the Nasdaq increased 2.01 percent to 7,305.90.

Besides, the ADP National Employment report released Wednesday suggested the country's economic strength was backed by a robust labor market.

The report, viewed by investors and economists as a preview of a more detailed employment report by the U.S. Bureau of Labor Statistics, showed that private-sector employers added 227,000 jobs in October, mainly driven by job growth at larger businesses.

Analysts believed that the data would fuel a rallying dollar and support the U.S. Federal Reserve to raise interest rates. The Fed is expected to raise interest rates again in December following its interest rates rise in September for the third time this year, making the greenback more valuable in the global market.

In late New York trading, the euro dropped to 1.1326 dollars from 1.1342 dollars in the previous session, and the British pound rose to 1.2778 dollars from 1.2701 U.S. dollars in the previous session. The Australian dollar slid to 0.7077 dollar from 0.7102 dollar.

The U.S. dollar bought 112.92 Japanese yen, lower than 112.96 Japanese yen of the previous session. The U.S. dollar rose to 1.0082 Swiss francs from 1.0052 Swiss francs, and it increased to 1.3161 Canadian dollars from 1.3130 Canadian dollars. Enditem

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