MW: Dollar loses steam vs major rivals after ISM data
By Nick Godt
NEW YORK (MarketWatch) -- The dollar lost early gains against major counterparts on Wednesday after an index of the service-sector of the U.S. economy rebounded in December. The dollar index (DXY 77.68, +0.07, +0.08%) , which measures the U.S. unit against a basket of major currencies, fell fractionally to 77.61. The dollar, however, remained higher against the yen, its main low-yielding rival, gaining 0.8% to 92.41 yen. The Institute for Supply Management said its non-manufacturing index rose to 50.1% from 48.7% in November. Economists were looking the index to rise to 51.0%. The ISM's closely-watched employment index rose to 44.0% in December from 41.6% in November.
