Dollar strengthens on upbeat U.S. economic reports

The dollar started the month off strong on Wednesday, as a spate of strong U.S. economic data suggested growth remained robust in June, increasing the likelihood that Federal Reserve policy makers will raise interest rates this year.

ADP’s June estimate for private-sector hiring beat estimates by nearly 20,000 jobs, quickly sending the dollar through 123 yen, and the euro below $1.11. The dollar had found resistance at both of those levels earlier in the session.

The dollar USDJPY, +0.16%  traded at 123.16 yen, up from ¥122.43 late Tuesday in New York. The euro EURUSD, +0.1628% traded at $1.1057, down from $1.1131 late Tuesday.

The U.S. Dollar Index DXY, -0.10% a measure of the dollar’s strength against a basket of six currencies, was up 0.8% at 96.2660 after the report.

The dollar also traded higher against the pound GBPUSD, -0.0384%  and the Canadian dollar CADUSD, +0.0397%

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