US dollar rises despite weak data

New York, Oct 6 (IANS) The US dollar increased against most major currencies on Monday despite recent soft economic data from the country.

The dollar index, which measures the greenback against six major currencies, was up 0.30 percent at 96.113 in late trading, reports Xinhua news agency.

The Labour Department announced on Friday that the US total non-farm payroll employment increased by 142,000 in September, well below market consensus of 203,000.

Meanwhile, the average hourly earnings for all employees on private non-farm payrolls fell by 1 cent to $25.09, also missing estimates.

The downbeat jobs data dampened market expectation for an interest-rate hike by year-end.

Moreover, the US Non-Manufacturing Index registered 56.9 percent in September, below the August reading of 59 percent and missed market expectations of 57.5 percent, said the Institute Supply Management (ISM) in its monthly survey on Monday. The latest reading was the lowest level since June.

In late New York trading, the euro fell to $1.1180 from $1.1225 in the previous session, and the British pound dropped to $1.5150 from $1.5193 in the previous session. The Australian dollar increased to $0.7094 from $0.7032.

The US dollar bought 120.47 Japanese yen, higher than 119.88 yen of the previous session. The US dollar rose to 0.9758 Swiss franc from 0.9707 Swiss franc but declined to 1.3083 Canadian dollars from 1.3189 Canadian dollars.

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