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Dollar Extends Weakness Against Major Rivals

The U.S. dollar turned in another weak performance against its peers on Wednesday, extending its slide from the previous session, as riskier currencies attracted traders’ attention despite somewhat fading hopes about a cease-fire in Ukraine.

Data from the Labor Department showed a bigger than expected increase in addition of jobs in the private sector in the U.S., raising prospects for aggressive policy tightening by the Federal Reserve. However, the greenback still failed to move out of the negative zone today.

A report released by payroll processor ADP showed private sector employment in the U.S. jumped by 455,000 jobs in March after surging by an upwardly revised 486,000 jobs in February.

Economists had expected private sector employment to climb by 450,000 jobs compared to the addition of 475,000 jobs originally reported for the previous month.

Data released by the Commerce Department showed the U.S. economy grew by slightly less than previously estimated in the fourth quarter of 2021.

The Commerce Department said real gross domestic product increased by 6.9% in the fourth quarter, reflecting a modest downward revision from the previously estimated 7% spike. Economists had expected GDP growth to be unrevised.

The slightly slower than previously estimated GDP growth primarily reflected downward revisions to consumer spending and exports that were partly offset by an upward revision to private inventory investment.

The dollar index, which drifted down to 97.69, recovered to 97.82, but still remains nearly 0.6% down from the previous close.

Against the Euro, the dollar is trading at $1.1160, weakening from $1.1088.

The dollar is trading at $1.3133 against Pound Sterling, easing from the previous close of $1.3095.

Against the Japanese currency, the dollar is weak, fetching 121.84 yen, compared to 122.89 yen on Tuesday.

Against the Aussie, the dollar is at 0.7511, down slightly from 0.7509.

The Swiss franc is at 0.9232 a dollar, firming from CHF0.9310.

The Loonie is trading at C$1.2483 a dollar, strengthening from C$1.2503, riding on firm crude oil prices.

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