Early trade in New York: Dollar eases off of two-week high

NEW YORK: The dollar eased off of its more than two-week high hit earlier on Wednesday following some softer-than-expected US economic data that prompted traders to consolidate positions ahead of the April jobs report due at the end of the week.

US private payrolls rose by the most in seven months in April, ADP data showed on Wednesday, as companies boosted production to meet a surge in demand amid massive government spending and rising COVID-19 vaccinations.

The dollar index, which measures the greenback against a basket of peer currencies, was last at 91.262 after rising as high as 91.436 earlier in the session, its highest since April 19.

The dollar was nearly flat against the euro, at $1.2006, which had earlier dropped below the $1.20 mark, its lowest against the greenback in more than two weeks.

Trading was limited in the overnight session, with Japan and China on holiday, but the New Zealand dollar jumped 0.93% to $0.72150 on the back of stronger-than-expected jobs data. The Australian dollar ticked up 0.51% to $0.77505.

Sterling traded 0.15% higher at $1.39075 a day ahead of the Bank of England meeting.