Dollar Recovers From Recent Losses, Gains Against Major Counterparts

(RTTNews) - The U.S. dollar climbed higher in the European session on Tuesday, and despite holding firm in early New York session, pared gains and slipped below the flat line as the day progressed before edging up slightly.

With the Bank of Canada and the European Central Bank scheduled to make their monetary policy announcements on Wednesday and Thursday, respectively, and the crucial U.S.jobs data due on Friday, traders appeared a bit reluctant to make significant moves.

A report released by the Labor Department today showed job opening in the U.S. saw a modest decrease in the month of April, falling to 8.059 million from a downwardly revised 8.355 million in March.

Economists had expected job openings to dip to 8.340 million from the 8.488 million originally reported for the previous month.

The report also said both the number of hires and total separations were little changed at 5.6 million and 5.4 million, respectively.

A report released by the Commerce Department showed factory orders climbed by 0.7% in April compared to economist estimates for an increase of 0.6%. However, the report also showed the jump in factory orders in March was downwardly revised to 0.7% from the previously reported 1.6%.

The dollar index, which climbed to 104.33, dropped to around 104.05 before edging up to 104.16, up slightly from the previous close.

Against the Euro, the dollar 1.0081 firmed to 1.0081 from 1.0905. Against Pound Sterling, the dollar strengthened to 1.2770 from 1.2808.

The dollar weakened against the Japanese currency to 154.90 yen a unit, from Monday's close of 156.07 yen. The Aussie weakened to US$ 0.6649 from US$ 0.6689.

Against Swiss franc, the dollar weakened to CHF 0.8902 from CHF 0.8958. The dollar gained against the Loonie at C$ 1.3678, firming from C$ 1.3627.