Forex — Dollar Pares gains on Downbeat ISM report

Dollars that runs from the session highs, Fed statement — The dollar reduced gains against other major currencies on Wednesday after a disappointing U.S. manufacturing activity report and the meeting as investors awaits the conclusion of the Federal Reserve of the policy.

The Institute of Supply Management reported on Wednesday that the U.S. manufacturing sector slowed the growth in the last month.

The data came after payroll processor ADP lists, said US private employers added 235,000 jobs in October, beating economists ‘ expectations.

Later Wednesday, the Fed was expected to leave interest rates unchanged at the conclusion of its two-day monetary policy meeting, but investors were waiting for clues that it again increases, rising interest rates in the next month, as expected, and the timing of interest rate in 2018.

To announce separately, U.S. President Donald Trump was expected, his choice for the next Chairman of the US Central Bank on Thursday. While there are five main candidate, Fed Governor Jerome Powell as a potential winner.

The yen and the Swiss franc was USD/JPY to win up 0.33% at 114.01 and USD/CHF 0.32% trade 1.0010.

EUR/USD slipped 0.16% to 1.1627, while GBP/USD edged 0.12% lower to 1.3265.

The pound strengthened before data that show that the UK grew in the manufacturing sector, faster-than-expected pace in October brightened the Outlook for the fourth-quarter growth.

The demand for the pound sterling was also supported by expectations that the Bank of England interest rates for the first time in almost a decade on Thursday.

The Australian and new Zealand dollars were stronger, with AUD/USD up 0.30% to 0.7678 and with NZD/USD advancing 0.72% to 0.6896.

Meanwhile, USD/CAD was almost unchanged at 1.2888.

The US dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.18% 94.62 at 11:45 PM ET (15:45 GMT).

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