Forexpros –

Forexpros – The U.S. dollar moved higher against its major counterparts in Asian trade Thursday, boosted by better than expected labor results and reports suggesting progress on European debt.
In mid-day Asian trade, the greenback was higher against the euro, with EUR/USD falling 0.17% to hit 1.3326.
Earlier Wednesday, the Financial Times reported that European bank regulators will conduct a new round of evaluations on regional banks, in an attempt to avert a shock to the region’s financial system if Greece defaults.
German Chancellor Angela Merkel said that Europe’s rescue fund would only be used as a last resort to save banks and that investors may have to endure more losses as part of a Greek bailout.
Elsewhere Wednesday, U.S. Institute of Supply Management reported that its non-manufacturing purchasing manager’s index slipped by 0.3 points to 53 in September, down slightly from 53.3 in August, and broadly in line with market expectations.
On the ISM’s index, any number above 50 indicates expansion while a figure below 50 is a sign of contraction.
Meanwhile, payroll processing firm ADP said that the U.S. economy added 91,000 non-farm jobs in September, a slight gain from a revised 89,000 the previous month, and above market expectations of a 70,000 increase.
The ADP report also noted that employment in the service sector gained 90,000 in September, the 21st consecutive month of gains.
The encouraging labor numbers lifted Wall Street shares for a second day; The Dow Jones Industrial Average added 1.21% to 10,940, the Nasdaq Composite Index rose 2.32% to 2,460.51, and the S&P 500 was lifted 1.79% to end the day at 1,144.03.
Meanwhile, the greenback was higher against the British pound, with GBP/USD down 0.13% to hit 1.5441.
The dollar was lower against the Japanese yen but up against the Swiss franc with USD/JPY shedding 0.04% to hit 76.76, and USD/CHF higher by 0.19% to hit 0.9248.
The greenback was mixed against its Canadian, Australian and New Zealand counterparts with USD/CAD up 0.23% to hit 1.0428, AUD/USD down by 0.24% to hit 0.9633, and NZD/USD declining 0.26% to hit 0.7641.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.11% at 79.52.

Forexpros
Forexpros