Dollar strengthens on positive US economic data

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Associated Press

Posted on October 3, 2012 at 1:01 PM

Updated Wednesday, Oct 3 at 1:02 PM

NEW YORK (AP) — A pair of better-than-expected U.S. economic reports are pushing the dollar higher against most major currencies.

Payment processor ADP says that U.S. companies added 162,000 workers to their payrolls in September. That's more than economists expected, but still down from August's total of 189,000.

The Institute for Supply Management said its index of service companies rose to 55.1 in September, the highest level since March. Economists expected that it would drop to 53.4.

The euro fell to $1.2904 in afternoon trading from $1.2917 late Tuesday. The British pound fell to $1.6083 from $1.6140.

The dollar rose to 78.56 Japanese yen from 78.13 yen and to 0.9384 Swiss franc from 0.9364 Swiss franc.

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