Early trade in NY: Dollar advances after robust US private sector jobs report

The US dollar gained against the yen on Wednesday for the first time in four days after a report showed US private sector employers created more jobs than expected in March, suggesting a stable labour market and supporting forecasts for at least two more interest-rate hikes this year The greenback also rose against the euro and Swiss franc while trimming losses against the pound after the employment data.
US private employers added 263,000 jobs in March, more than their hirings in February and well above economists' expectations, a report by a payroll processor showed on Wednesday. Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 187,000 jobs, with estimates ranging from 110,000 to 225,000.
"The ADP survey is clearly another indication that, despite the apparent slowdown in GDP growth in the first quarter, labor market conditions have remained unusually strong," said Capital Economics economist Andrew Hunter. In midmorning trading, the dollar rose 0.6 percent to 111.39 yen. The dollar index, which tracks the US currency against a trade-weighted basket of six peers, was up slightly at 100.63, but anxiety about the US-China meeting and a risk-averse mood this week kept it from further gains. The euro, meanwhile, slipped 0.1 percent to $1.0659.