Dollar dips against euro

By Hibah Yousuf, staff reporter


NEW YORK (CNNMoney.com) -- The dollar was mixed against rivals Wednesday after a report showed job losses easing and the service sector growing in December.

What prices are doing: The dollar remained in a tight trading range, edging slightly lower against the euro to $1.437. The greenback gained 1.02% versus the yen to ¥92.61 and was up against the British pound at $1.598.

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The buck was higher against the euro and the pound Tuesday, but lower versus the yen.

What's driving prices: Industry group Institute for Supply Management said its service sector index increased to 50.1 in December, up from 48.7 in November.

Earlier Wednesday, payroll services firm ADP reported that private-sector employers cut the fewest jobs in December since March 2008, while a separate report from outplacement firm Challenger, Gray & Christmas Inc. showed the smallest decline in jobs since December 2008.

The improved economic numbers were enough to steady investors or send them seeking higher-risk investments ahead of the government's December jobs report being released on Friday.

Analysts don't expect to see losses or gain in December payrolls and project the unemployment rate will rise to 10.1%.

What analysts are saying: "The dollar is still holdings its own, but investors are deciding whether to revive their risk appetite," said John Kicklighter, currency strategist at DailyFX.com.

He added that traders are waiting for Friday's unemployment data before they decide to attach themselves to a rally in higher-yielding assets such as stocks and sell the dollar. To top of page

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