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RationalFX : The dollar gains against safe-haven currencies

RationalFX : The dollar gained against the safe-haven currencies on Wednesday, as risk appetite rose on reports of a possible treatment for the new coronavirus out of China that has gripped the world and caused major disruptions among global businesses……..

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The U.S. currency also benefited from a private-sector payrolls report for January that surpassed market expectations, suggesting the world’s largest economy was on a stable growth path and interest rate cuts were off the table for now.

Private-sector payrolls increased by 291,000 in January, according to the ADP National Employment Report, far above expectations of an increase of 156,000 jobs. January’s job gains were the largest since May 2015.

In addition, U.S. services sector activity picked up last month, with industries reporting increases in new orders. The Institute for Supply Management’s non-manufacturing activity index rose to 55.5 last month, the highest level since August.

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