Investing.com - Investing.com - The dollar traded largely lower against most major currencies on Wednesday as markets monitored talk of a Ukraine-Russian ceasefire, which favored the euro at the greenback's expense.
In U.S. trading on Wednesday, EUR/USD was up 0.09% at 1.3146.
Both the greenback and the euro found support after Ukraine's President Petro Poroshenko said he had agreed with Russian President Vladimir Putin to take steps to establish a "permanent ceasefire" in eastern Ukraine.
Putin later said his views were "very close" with Poroshenko on finding a political way out of the conflict.
By afternoon trading on Wednesday, the euro edged out the dollar, becoming the chief beneficiary of market applause for a possible ceasefire.
Elsewhere, the U.S. Census Bureau reported earlier that factory orders rose 10.5% in July, below expectations for an increase of 11%, after a revised 1.5% rise in June, though markets largely viewed the data favorably.
On Tuesday, the Institute for Supply Management reported that its manufacturing purchasing managers' index jumped to 59.0 in August from 57.1 in July, defying analysts' calls for the index to tick down to 56.8.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
In Europe, data revealed that euro zone retail sales fell 0.4% in July, in line with forecasts.
Investors were eager for the European Central Bank's announcement on policy on Thursday, with many betting that the monetary authority will roll out stimulus measures to kick-start the economy after the euro area's annual inflation rate slowed to a five-year low last month.
On Friday, the U.S. will release its August nonfarm payroll report, and investors hope the data will serve as weather vane pointing to the direction of monetary policy, sidestepping the greenback ahead of time.
The U.S. economy continues to gain steam, though Federal Reserve Chair Janet Yellen has expressed concern over slackness persistent in the labor market.
The dollar was down against the yen, with USD/JPY down 0.25% at 104.83, and down against the Swiss franc, with USD/CHF down 0.13% at 0.9178.
The greenback was up against the pound, with GBP/USD down 0.09% at 1.6456.
Market research group Markit reported earlier that its seasonally adjusted Markit/CIPS Services Purchasing Managers Index rose to 60.5 last month from 59.1 in July. Analysts had expected the index to decline to 58.5 in August.
The data came a day after data showed that activity in the U.K. construction sector expanded at the fastest rate since January last month.
Still, the pound came under broad selling pressure after a poll revealed that support for Scottish independence is growing.
The dollar was down against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.38% at 1.0887, AUD/USD up 0.74% at 0.9343 and NZD/USD up 0.06% at 0.8322.
The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.12% at 82.89.
On Thursday, the U.S. is to release trade-balance data, the ADP report on private-sector job creation and the weekly report on initial jobless claims.
Also on Thursday, the ISM is to publish a report on U.S. service sector activity.
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