(RTTNews) - In early European deals on Wednesday, the U.S. dollar showed mixed trading against its major counterparts as investors remained cautious ahead of the ADP employment report. While the dollar recovered from a 1-week low against the yen, it soared to a 10-week high against the franc. On the other hand, the dollar fell against the euro and the pound.
The ADP National Employment report, which sheds light on non-farm private employment, is scheduled to be released at 8:15 am ET. The report is usually released two days prior to the Labor Department's employment report. The private sector is expected to have added 58,000 jobs in November.
The U.S. final third quarter non-farm productivity and unit labor costs, ISM manufacturing index for November and the Federal Reserve's Beige Book are also slated for release in the New York session today.
The U.S. dollar that fell to a 1-week low of 83.39 against the Japanese yen at 12:30 am ET Wednesday recovered thereafter. At present, the dollar-yen pair is worth 83.83, compared to yesterday's close of 83.68. If the dollar climbs further, it may likely target the 84.2 level.
During early European deals on Wednesday, the dollar strengthened against the Swiss franc. As of now, the dollar-franc pair is trading at a 10-week high of 1.0064 with 1.020 seen as the next upside target level. The pair closed yesterday's trading at 1.0040.
The dollar weakened against the euro in early European session on Wednesday. The dollar is currently worth 1.3080 per euro and the next downside target level for the U.S. currency is seen at 1.315. The euro-dollar pair was worth 1.2983 at yesterday's close.
The euro was supported today by encouraging German retail sales and PMI reports from the major European economies.
In early European deals on Wednesday, the dollar slipped to a 2-day low of 1.5610 against the pound at 3:35 am ET. The pound-dollar pair that closed yesterday's trading at 1.5562 is currently worth 1.5600. On the downside, 1.565 is seen as the next target level for the dollar.
The pound gained despite a report from the Nationwide Building Society showed that house prices in U.K. declined in November.
