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Dollar Rising in the Currencies Exchange

Currencies exchange in the forex market are finally looking up for the US dollar. The dollar edged up against major currencies on Wednesday after data showing growth in U.S. factory orders and services outstripped forecasts and helped reinforce the view that U.S. interest rates may keep rising. Overall, investors still expect the Federal Reserve to wind up its two-year rate-raising campaign fairly soon, but the data gave the dollar some much-needed respite, after having fallen to one-year lows against the euro earlier this week in the currencies exchange market.

"The data is pleasing and it is just a reality check for dollar bears not get too worked up about a sudden collapse of dollar in the currencies exchange because the fundamentals are not falling by the wayside," said David Mozina, head of FX strategy at Lehman Brothers. He added, however, that a short-term bounce in the dollar should be used as a selling opportunity because the broader downward trend remains in place.

In the late morning currencies exchange in New York, the euro was last at $1.2605, down nearly 0.1 percent, having surrendered all its earlier gains after the U.S. data. The dollar was up 0.3 percent against the yen at 113.60 yen. The dollar was up 0.1 percent on the day at 1.2382 Swiss francs, while sterling was off 0.1 percent at $1.8380.