The U.S. Dollar closed Wednesday’s session lower as weak private payrolls data underlined worries over the strength of the economy that supports the Federal Reserve's move to suspend interest rate hikes this year.
In other news, the U.S. and Chinese officials have resolved most of the issues standing in the way of a deal to end their long-running trade war but are still negotiating over how to implement and impose the agreement.
The U.S. Dollar Index which measures the strength of Greenback against a basket of six major currencies declined and finished the session at 96.69.
Over in Europe, the single currency rose against the U.S. Dollar as hopes of a trade deal between the United States and China boosted risk appetite globally and better than expected service sector data in Europe helped the Euro. EURUSD closed the session at 1.12320.
Meanwhile, the Sterling rose against the U.S. Dollar as Prime Minister Theresa May sought a Brexit compromise with opposition leader Jeremy Corbyn in a last-minute effort to end a national crisis. GBPUSD closed the session at 1.31583.
Regarding Safe-havens, the Swiss Franc fell against the U.S. Dollar to settle at 0.99812 USDCHF. Similarly, the Japanese Yen fell against the Greenback to settle at 111.481 USDJPY.
Gold prices fell on Wednesday as stock markets rallied globally on hopes the U.S. and China could seal a trade deal soon. The precious metal closed the session at 1289.7.
Meanwhile, the loonie fell slightly against the greenback on Wednesday as oil prices fell and investors turned cautious on the Canadian Dollar ahead of jobs data due on Friday. The USDCAD closed the session at 1.33438.
Over in Asia, the Aussie Dollar surged against the Greenback by 0.58 percent supported by strong domestic economic data to close at 0.71111 AUDUSD.
Cryptocurrencies were higher on Wednesday’s session, Bitcoin, Ethereum, and Litecoin surged to settle at 5279.31 BTCUSD, 176.27 ETHUSD, and 94.99 LTCUSD respectively.
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