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Dollar shines on strong US private sector jobs report

The dollar rose broadly on Wednesday after a report showed the economy created the most U.S. private sector jobs in 1-1/2 years last month.

The report boded well for Thursday's U.S. nonfarm payrolls report, and provided a boost to the dollar, which has struggled this year despite the Federal Reserve reducing its monthly asset purchases.

Private U.S. employers added 281,000 workers to payrolls in June, up from 179,000 in May, payrolls processor ADP said on Wednesday. June's gains, which topped economists' expectations for an increase of only 200,000, were the largest since November 2012.

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In New York trading, the dollar index rose about 0.2 percent near 80. Against the yen, the dollar was up around 0.2 percent below 102 yen.

The euro, meanwhile, fell roughly 0.2 percent near $1.37.

Europe's common currency also lost steam on concern policy makers will intervene verbally to keep the currency from strengthening. It fell to a 1 1/2-year low against the British pound, which was again lifted by better-than-expected data.

Sterling earlier hit a six-year high against the dollar after forecast-busting UK construction data and more evidence of an upswing in the housing market. Both heightened expectations that the Bank of England will tighten policy before the year's end.

But the pound was last flat around $1.72, weighed down by a strong U.S. private sector jobs report.

—By Reuters

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