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U.S. dollar rallies on upbeat data

Xinhua, December 1, 2016 Adjust font size:

The U.S. dollar rose against other major currencies on Wednesday as economic data from the country came out positive.

U.S. private sector employment added 216,000 jobs from October to November, well above market estimates, according to the November ADP National Employment Report Wednesday.

The ADP figure is watched closely as a pre-indicator for the non-farm payrolls report due Friday.

In the previous session, U.S. real gross domestic product (GDP) increased at an annual rate of 3.2 percent in the third quarter of 2016, according to the "second" estimate released by the Commerce Department Tuesday. In the second quarter, real GDP increased 1.4 percent.

The latest reading was slightly higher than market consensus of a 3.1-percent gain.

Moreover, the surging oil prices on Wednesday spurred investors' views of higher inflation in the coming months.

Analysts said the upbeat economic data and inflation-expectation bolstered market speculations for an interest rate-hike by year-end and more hikes in the next year.

The dollar index, which tracks the greenback against six major peers, was up 0.59 percent to 101.530 in late trading.

In late New York trading, the euro dropped to 1.0596 dollars from 1.0642 dollars, and the British pound slipped to 1.2500 dollars from 1.2503 dollars. The Australian dollar decreased to 0.7393 dollars from 0.7486 dollars.

The dollar bought 114.18 Japanese yen, higher than 112.40 yen in the previous session. The dollar inched up to 1.0166 Swiss francs from 1.0117 Swiss francs, and it climbed to 1.3423 Canadian dollars from 1.3418 Canadian dollars. Enditem