Dollar advances on euro, retreats against yen
Dollar edged up against the euro following mixed US data on the eve of a ECB meeting.
NEW YORK (AFP) - The dollar edged up against the euro following mixed US data on the eve of a European Central Bank (ECB) meeting, but retreated from a six-year high against the yen.
The outlook for the US economy got a boost when the ADP payroll company reported that private-sector employment increased by 213,000 in September from August.
But other reports on US construction spending and manufacturing sector activity disappointed.
Meanwhile, a survey of leading indicators from eurozone manufacturing industries on business conditions gave a reading of 50.3 in September, according to the Markit analysis group. That was the lowest reading in 14 months.
The Markit report also said the reading for Germany, the biggest eurozone economy, slipped below the 50.0 dividing line between growth and contraction.
The ECB is not expected to announce any new measures Thursday, but analysts will watch in case it hints at any extra action to come.
"With no meaningful sign of Europe s recovery picking up, it keeps the heat turned up on the European Central Bank," said Joe Manimbo, senior market analyst at Western Union Business Solutions.
Meanwhile, the dollar retreated from Tuesday s six-year high against the yen.
Fawad Razaqzada, analyst at Forex.com, said the movements in the currency pair suggested a "tired" trade.
"But it is too early to draw any conclusions," Razaqzada added.
