The U.S. dollar was firm against most of its peers on Wednesday amid continued optimism about the pace of recovery in the U.S.

Worries about spikes in coronavirus cases and extension of lockdown measures in several parts of Europe weighed on euro.

The dollar index advanced to 92.61, gaining about 0.3%.

Against the Euro, the dollar firmed up to $1.1812, gaining 0.33%. The euro area private sector returned to growth in March underpinned by a record expansion in manufacturing as global demand continued to revive from the pandemic, survey results from IHS Markit showed.

The composite output index rose to an eight-month high of 52.5 in March from 48.8 in February. The reading was forecast to climb to 49.1. The score exceeded the neutral level of 50.0 for the first time since last September, suggesting expansion in the private sector.

The Pound Sterling weakened against the dollar, fetching $1.3680 per unit, about 0.52% less than Tuesday’s close of $1.3751. Data from the Office for National Statistics said U.K. consumer price inflation slowed unexpectedly in February, easing to 0.4% from 0.7% in January. The rate was forecast to rise to 0.8%. Month-on-month, consumer prices edged up 0.1%, in contrast to January’s 0.2% fall.

The Yen was weaker at 108.72 a dollar, compared to previous close of 108.58. The manufacturing sector in Japan continued to expand in March, and at a slightly faster pace, the latest survey from Jibun Bank showed on Wednesday with a manufacturing PMI score of 52.0.

That’s up from 51.4 in February and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

The Aussie slid against the dollar, with the AUD-USD pair at $0.7580, dropping from $0.7824.

The Swiss franc was weaker at CHF 0.9357 a dollar, sliding from CHF 0.9340.

The Loonie was little changed at 1.2583 a dollar, compared to 1.2588 on Tuesday. Oil’s rebound after previous session’s sharp setback lifted the Loonie.

The material has been provided by InstaForex Company – www.instaforex.com

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