Strong Service Sector Data Boosts US Dollar,

The U.S. dollar rose on Wednesday after data showed the services sector in the world's largest economy rebounded in May after contracting the month before.

The Institute for Supply Management (ISM) said its nonmanufacturing purchasing managers index rose to 53.8 last month from 49.4 in April.

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The dollar index was up 0.1% at 104.28 in afternoon trading.

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Economists believe the U.S. economy is slowing down, but not enough to sell the dollar.

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The market is pricing in about two rate cuts by the Fed this year.

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The euro, the biggest component of the dollar index, turned lower after the ISM data.

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Investors are looking to the European Central Bank meeting on Thursday, in which the bank is expected to lower interest rates.

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The Bank of Canada (BOC) cut interest rates by 25 basis points (bps) to 4.75% on Wednesday.

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The U.S. dollar rose against the Canadian currency after the BOC rate move.

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Analysts expect the Bank of England to cut rates in two weeks.

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