Dollar Gains Against Major Counterparts

(RTTNews) - The U.S. dollar gained against its major counterparts on Tuesday with traders closely tracking the latest economic data from across the globe and awaiting some crucial updates on U.S. non-farm payroll employment, private sector employment, and jobless claims.

In U.S. economic news, the Institute for Supply Management released a report showing a continued contraction by U.S. manufacturing activity in the month of August.

The ISM said its manufacturing PMI inched up to 47.2 in August from 46.8 in July, but a reading below 50 still indicates contraction. Economists had expected the index to rise to 47.5.

The Commerce Department released a report on Tuesday unexpectedly showing a decrease by U.S. construction spending in the month of July.

The report said construction spending fell by 0.3 percent to an annual rate of $2.163 trillion in July, while revised data showed construction spending was nearly unchanged at an annual rate of $2.169 trillion in June.

Economists had expected construction spending to come in unchanged compared to the 0.3 percent decrease originally reported for the previous month.

The dollar index climbed to 101.92 before easing to 101.80, but still stayed above the flat line, gaining about 0.14%.

Against the Euro, the dollar firmed to 1.1046 from 1.1073. Against Pound Sterling, the dollar strengthened to 1.3112 from 1.3148.

The dollar weakened against the Japanese currency, easing to 145.57 yen a unit from 146.92 yen on Friday. Against the Aussie, the dollar strengthened to 0.6710, gaining about 1.2%.

The Swiss franc gained marginally against the dollar, firming to 0.8506 a unit of the greenback. Against the Loonie, the dollar strengthened to C$ 1.3552 from C$ 1.3496.