Dollar Gains as ADP Shows Better than Expected Jobs Gains

The dollar hit a three-week high against the euro on Wednesday after the ADP national employment report showed US private payrolls increased more than expected in September, ahead of Fridays highly anticipated jobs data. The dollar index rose to 101.68, the highest since Sept. 11. The euro fell to $1.1037, the lowest since Sept. 11. The single currency has weakened on increasing expectations that the European Central Bank will cut interest rates later this month as inflation recedes. The dollar gained to 1.9% to 146.34 yen. Private payrolls increased by 143,000 jobs last month after rising by an upwardly revised 103,000 in August, the ADP National Employment Report showed. Source: Qatar News Agency