The dollar index rose 0.07% to 98.68

The dollar was steady against major currencies on Wednesday amid market positioning around several U.S. labor market data releases this week.

U.S. job openings fell more than expected in November while hiring eased, according to Labor Department data, suggesting demand for labor continued to drop.

Institute for Supply Management (ISM) data showed that U.S. services sector activity unexpectedly picked up in December, while private payrolls rebounded less than expected in December, according to the ADP’s national employment report.

The more comprehensive and closely watched nonfarm payrolls report is due on Friday.

The dollar was up slightly by 0.24% at 0.797 against the Swiss franc and edged 0.08% higher to 156.75 against the yen.

The price action on the dollar right now is more tactical than anything else because without firm policy updates there’s going to be a fade on the move that normally happens, said Olivier Bellemare, senior options dealer at Monex Canada.

The focus will be on the employment numbers at the end of the week and the reason is that the market is still looking for signs of inflation as a stickier indicator for directional positioning on the dollar against its peers, Bellemare added.

Oil prices fell on Wednesday and China denounced the U.S. as a bully after President Donald Trump’s administration said it had persuaded Venezuela to divert supplies away from Beijing.

The dollar index, which measures the U.S. dollar against other major currencies, rose 0.07% to 98.68.

The euro edged down after dropping the previous day, as German inflation eased more than expected in December, spurring traders to slightly scale back bets on a rate hike in early 2027.

Markets since last summer have been pricing policy rates to remain stable through 2026, while expecting the European Central Bank (ECB) to tighten policy in 2027 as inflationary pressures build from German fiscal stimulus.

The European currency was down 0.04% at $1.1682, after dropping 0.28% on Tuesday.