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* U.S. ADP report shows job gains in March
* Investor anxiety lingers ahead of Trump-Xi meeting
By Gertrude Chavez-Dreyfuss
NEW YORK, April 5 The U.S. dollar gained against
the yen on Wednesday for the first time in four days after a
report showed U.S. private sector employers created more jobs
than expected in March, suggesting a stable labor market and
supporting forecasts for at least two more interest-rate hikes
The greenback also rose against the euro and Swiss franc
while trimming losses against the pound after the employment
U.S. 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
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.
Before the data's release, the market has been rattled by
political tension arising from an upcoming meeting between U.S.
President Donald Trump and Chinese counterpart Xi Jinping.
Trump's consistently harsh rhetoric on China has raised
concerns about Thursday's summit, as has speculation that the
U.S. president will face challenges implementing his promised
growth-boosting policies after his administration failed to pass
a healthcare overhaul.
The market was also tested after North Korea test-fired a
In midmorning trading, the dollar rose 0.6 percent to 111.39
The dollar index, which tracks the U.S. currency against a
trade-weighted basket of six peers, was up slightly at 100.63
, but anxiety about the U.S.-China meeting and a
risk-averse mood this week kept it from further gains.
The euro, meanwhile, slipped 0.1 percent to $1.0659
(Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by
Ritvik Carvalho in London; Editing by Lisa Von Ahn)