NEW YORK: The dollar pared gains on Tuesday after data showed that US job openings fell in March while factory orders came in below economists’ expectations, a day before the Federal Reserve is expected to hike rates by an additional 25 basis points.
The US Labor Department said that US job openings fell to 9.59 million in March. The US Commerce Department also said that factory orders rose by 0.9% in March, below expectations for a 1.1% gain.
The data comes as investors try to gauge whether the Fed is likely to pause rate hikes when it concludes a two-day meeting on Wednesday, or if further increases are possible if inflation remains high.
The dollar index was last up 0.08% at 102.23 after earlier reaching 102.40, the highest since April 11. The euro fell 0.16% against the greenback to $1.0958 and got as low as $1.0940, the lowest since April 21.
The yen gained, reversing earlier losses after last week’s Bank of Japan decision to maintain ultra-low interest rates.
The dollar fell 0.37% to 136.80 yen, after earlier hitting 137.78, the highest since March 8.
Comments
Comments are closed for this article.