Summary Dollar slipped against euro Wednesday after mixed US economic data fed uncertainty about growth.
NEW YORK (AFP) - The dollar slipped against the euro Wednesday after mixed US economic data fed uncertainty about growth, as the Federal Reserve prepares to raise interest rates this year.
The Institute for Supply Management s blockbuster PMI report on a July surge in US services sector growth contrasted with a disappointing number on jobs growth last month from payroll firm ADP, with only 185,000 jobs added.
"Clarity on how the US job market and broader economy fared in July is lacking," said Ryan Sweet of Moody s Analytics.
Sweet said the jump in the ISM nonmanufacturing index was "almost too good to be true," coming after other economic data suggest the economy got off to a slow start in the second quarter.
"If most of the improvement sticks in August it would be clear evidence that the improvement in the economy has broadened and would support the Federal Reserve beginning to normalize interest rates in September," he said.
