By Vivianne Rodrigues
NEW YORK, Dec 5 (Reuters) - The dollar rose to a one-month high against a basket of currencies on Wednesday after reports showing robust job growth and productivity gains suggested a milder slowdown in the U.S. economy than many had thought.
The ADP employer services report showing the U.S. economy added 189,000 private-sector jobs last month also indicated that key government data on Friday may show similar signs of strength in the labor market.
That eased some market fears about trouble in global credit markets that had weighed on the greenback in recent sessions.
"This number not only beat market expectations but exceeded even the most wildly bullish projections," said Michael Woolfolk, senior currency strategist at the Bank of New York Mellon in New York. "It suggests things may not be as bad as thought, though what the market and Fed do will depend on the non-farm payrolls number (on Friday)."
The data was a pleasant surprise for markets, as economists polled by Reuters had expected Wednesday's report to show a payrolls increase of just 50,000. For details, see [ID:nN05598168].
The government's jobs report, which also includes public-sector employment, will be released on Friday. Economists expect that report to show a 75,000 increase in jobs last month, according to the median forecast in a Reuters poll.
In late morning trading in New York, the euro traded 0.7 percent lower at $1.4655News Source
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