The US dollar traded relatively flat against a basket of currencies in the middle of the trading week. The greenback struggled for direction as the broader financial market also headed sideways. Investors also focused on better-than-expected economic data that suggests the recovery is still ongoing.

ADP reported that private companies added 174,000 positions to their payrolls in January, beating the median estimate of 49,000. In December, the private sector lost 78,000 jobs.

The US government will publish the January jobs report. Economists are penciling in 50,000 new jobs and an unemployment rate of 6.7%.

On Wednesday, the Institute for Supply Management (ISM) released its non-manufacturing numbers, highlighting an expansion in the rest of the economy in January. Business activity clocked in at a better-than-expected 59.9, employment levels hit 55.2, and new orders jumped to 61.8. The overall purchasing managers’ index (PMI) rose to 58.7, higher than the 56.8 forecast.

The IHS Markit composite PMI came in at 58.7 last month, up from 55.3 in December. The services PMI also climbed to 58.3, up from 54.8 in the previous month.

According to the Mortgage Bankers Association (MBA), mortgage applications increased 8.1% in the week ending January 29, up from -4.1% in the previous week. The 30-year mortgage rate slipped to 2.92%.

The bond market was mixed midweek, with the benchmark 10-year Treasury rising 0.024% to 1.131%. The one-year note dipped 0.005% to 0.076%, while the 30-year bond tacked on 0.037% to 1.915%.

The US Dollar Index, which gauges the greenback against multiple currencies, dropped 0.05% to 91.15, from an opening of 91.05. The DXY has been on a tear to start 2021, bouncing back and defying market expectations that the buck would add to its 2020 bear market. Year-to-date, the index has rise 1.4%.

The USD/CAD currency pair fell 0.02% to 1.2780, from an opening of 1.2783, at 19:07 GMT on Wednesday. The EUR/USD tumbled 0.15% to 1.2027, from an opening of 1.2046.