US Economic Indicators Remain Beneficial for Dollar

The US dollar gained against nearly all its major counterparts as US macroeconomic indicators continue to be beneficial for the currency. The Great Britain pound was among the few currencies that held ground against the greenback.
Automatic Data Processing reported that US employers added 208,000 jobs in November. While the figure was somewhat below expectations, it still demonstrated solid performance of the US labor market. The services index of Institute for Supply Management climbed last month, exceeding analysts’ forecasts by a wide margin.
The positive data supports optimism for the US economy and the case for monetary tightening from the Federal Reserve. This, in turn, makes the US currency far stronger than its peers. The sterling was an exception as Britain’s service industries demonstrated good performance too.
EUR/USD dropped from 1.2381 to 1.2310 as of 21:20 GMT today, trading near the lowest level since August 2012. GBP/USD rallied from 1.5635 to 1.5685, touching the high of 1.5719 intraday. USD/JPY advanced from 119.22 to 119.79, touching the strongest rate since July 2007.

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