* U.S. dollar index near more than 2-year low
* U.S. private payrolls miss expectations in July
* Euro zone PMIs showcase growth (New throughout, updates prices, market activity, data and comments; new byline)
By Caroline Valetkevitch
NEW YORK, Aug 5 (Reuters) - The U.S. dollar slipped against basket of currencies on Wednesday as investors' appetite for risk improved on strong corporate earnings and expectations of more stimulus measures for the pandemic-ravaged global economy.
U.S. and European investors piled into stocks on Wednesday as companies in both regions posted a batch of positive earnings reports.
The dollar, a safe-haven currency, typically weakens when investors grow more comfortable holding riskier assets.
On Wednesday, the U.S. Dollar Currency Index =USD , which measures the greenback's strength against six major currencies, was 0.536% lower at 92.652, just shy of a more than two year low of 92.593 touched last week.
"Clearly we have seen risk appetite rebound on global markets and sort of a return of the theme of a U.S. underperformance relative to world counterparts," said Karl Schamotta, chief market strategist at Cambridge Global Payments in Toronto.
U.S. stocks also have grown cheaper for overseas investors as the dollar has been pressured in recent weeks by worries about the U.S. economic slide during the coronavirus pandemic. The dollar fell further on Wednesday after the ADP (NASDAQ:ADP) National Employment Report, which showed U.S. private payrolls growth slowed sharply in July, suggesting a loss of momentum in the labor market. morning's weak ADP data suggests we may see further weakness when non-farm payrolls land on Friday," he said. "That is weighing on the dollar's prospects relative to the other majors."
Euro zone business activity returned to modest growth in July as many curbs imposed to stop the spread of the coronavirus were lifted, while official estimates showed retail sales volumes rebounded in June. also are watching negotiations between the White House and congressional Democrats trying to reach a deal on a relief package by the end of this week. Treasury Secretary Steven Mnuchin said progress had been made. Australian dollar AUD=D3 , which tends to rise when risk sentiment improves, was last up 0.88% at $0.7223 against the U.S. dollar.
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Currency bid prices at 11:09AM (1509 GMT) Description
RIC
Last
U.S. Close Pct Change
YTD Pct
High Bid
Low Bid
Previous
Change
Session
Euro/Dollar
$1.1889
$1.1800
+0.75%
+0.00%
+1.1900
+1.1794 Dollar/Yen
105.5100
105.7000
-0.18%
-3.08%
+105.8700 +105.3300 Euro/Yen
EURJPY=
125.45
124.76
+0.55%
+0.00%
+125.4800 +124.6400 Dollar/Swiss
CHF=
0.9057
0.9132
-0.82%
+0.00%
+0.9139
+0.9054 Sterling/Dollar GBP=
1.3145
1.3060
+0.65%
-0.86%
+1.3161
+1.3059 Dollar/Canadian CAD=
1.3245
1.3317
-0.54%
+1.99%
+1.3330
+1.3233 Australian/Doll AUD=
0.7223
0.7160
+0.88%
+2.88%
+0.7241
+0.7154 ar
Euro/Swiss
EURCHF=
1.0769
1.0777
-0.07%
+0.00%
+1.0793
+1.0763 Euro/Sterling
EURGBP=
0.9043
0.9032
+0.12%
+0.00%
+0.9050
+0.9013 NZ
NZD=
0.6664
0.6622
+0.63%
+0.00%
+0.6672
+0.6619 Dollar/Dollar
Dollar/Norway
8.9467
9.0957
-1.64%
+1.92%
+9.1056
+8.9464 Euro/Norway
EURNOK=
10.6407
10.7361
-0.89%
+0.00%
+10.7467
+10.6339 Dollar/Sweden
SEK=
8.6548
8.7179
+0.01%
+0.00%
+8.7264
+8.6497 Euro/Sweden
EURSEK=
10.2927
10.2916
+0.01%
+0.00%
+10.3035
+10.2836
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Euro near 2-year high
https://tmsnrt.rs/33uZUsO Graphic: World FX rates in 2020
https://tmsnrt.rs/2RBWI5E
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>