By Saumya Vaishampayan and Carla Mozee, MarketWatch
NEW YORK (MarketWatch) -- The dollar edged lower against rivals on Wednesday as the U.S. added fewer private-sector jobs in May than expected.
The ICE dollar index /quotes/zigman/1652083 DXY -0.23% , a gauge that measures the greenback?s performance against six other currencies, fell to 82.762 from 82.803 on Tuesday. The ICE dollar index fell as low as 82.49 in the wake of the data but has since risen back to pre-data levels.
The WSJ Dollar Index /quotes/zigman/9625991 XX:BUXX -0.17% , a rival measure that tracks the buck against a larger basket of currencies, exchanged hands at 74.51 compared to 74.54 on Tuesday.
The private sector added 135,000 jobs last month, according to Automatic Data Processing Inc., less than a gain of 170,000 expected by economists polled by Dow Jones Newswires.
/conga/story/misc/investing.html 265698The ADP jobs number is used by some as an indicator for the monthly nonfarm payrolls report due Friday. Investors will closely watch nonfarm payrolls for guidance on when the Federal Reserve will begin to slow its monthly asset purchases, which weigh on the dollar.
?As far as the tapering debate goes, the report does nothing to bolster expectations that the Fed will ease its foot off the pedal over the summer,? said Andrew Wilkinson, chief economic strategist at Miller Tabak & Co., in a note. Read more on the tapering debate here.
The Japanese yen was volatile Wednesday against the U.S. dollar as Japan?s prime minister outlined economic-growth proposals, while Australia?s currency fell following Australian economic growth figures that missed analyst expectations.
U.S. dollar /quotes/zigman/4868099/sampled USDJPY -0.8015% ?recently traded at ?99.67 after the ADP data, compared to ?100.15 on Tuesday.
The U.S. dollar /quotes/zigman/4868099/sampled USDJPY -0.8015% ?slid to ?99.35 as Japanese Prime Minister Shinzo Abe unveiled plans ranging from reforms in the energy market to tax breaks to stimulate activity in the lackluster economy. Japanese stocks also turned lower on Wednesday.
Abe?s push for growth through new economic policies ? dubbed ?Abenomics? ? has been the force behind the central bank?s massive, recently launched monetary stimulus program that?s resulted in the U.S. dollar reaching four-and-a half year highs against the yen above the ?103 level.
Meanwhile, the Australian dollar /quotes/zigman/4867876/sampled AUDUSD -1.2655% ?bought 95.62 U.S. cents, falling after first-quarter gross domestic product in Australia expanded by 0.6%, missing a Dow Jones Newswires consensus forecast of 0.7%.
Various global currency notesThe Aussie traded at 96.33 U.S. cents ahead of the release, around the same level seen late Tuesday in North America.
Australia?s currency last month fell below parity against the U.S. dollar on concerns about domestic economic weakness, with mining investment in Australia expected to peak this year.
Also of concern have been indications of a slowdown in China, Australia?s top export market, with the most recent signal coming from an HSBC gauge showing contraction in the manufacturing sector.
Reserve Bank of Australia Gov. Glenn Stevens said Tuesday that Australia?s economic growth remained ?below trend? and would likely stay that way for the near term. The central bank on Tuesday kept its key policy cash rate at 2.75%, but with inflation currently subdued, it also said there?s some scope for further easing in monetary policy.
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The suggestion by policy-makers that they?re keeping the door open to interest-rate cuts pushed the Aussie lower on Tuesday. A cut in the benchmark interest rate could further hurt the Australian dollar, as rate reductions tend to depress debt yields in the currency.
The euro /quotes/zigman/4867933/sampled EURUSD +0.0263% ?rose against the greenback, changing hands at $1.3073 versus $1.3077. The European Central Bank?s June meeting is slated for Thursday in Frankfurt. The ECB cut its benchmark interest rate by a quarter-percentage-point to 0.5% at its May meeting.
The British pound /quotes/zigman/4867886/sampled GBPUSD +0.4649% rose against the U.S. dollar to $1.5344 from $1.5305.
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Saumya Vaishampayan is a MarketWatch reporter based in New York. You can find her on Twitter @saumvaish. Carla Mozee is a reporter for MarketWatch, based in Los Angeles. Follow her on Twitter @MWMozee.
Source: http://www.marketwatch.com/news/story.asp?guid=%7B2C69E35C-CD7D-11E2-A536-002128040CF6%7D&siteid=rss
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