U.S. Dollar Rises Ahead Of Powell's Senate Confirmation Hearing
28 November 2017 - 9:35AM
RTTF2
The U.S. dollar advanced against its major counterparts in the
European session on Tuesday, as investors awaited the Fed chair
nominee Jerome Powell's Senate confirmation hearing in Washington
for indications on his plans to lead the U.S. central bank.
"Our aim is to sustain a strong jobs market with inflation
moving gradually up toward our target," Powell said in prepared
testimony. "We expect interest rates to rise somewhat further and
the size of our balance sheet to gradually shrink."
"I will do everything in my power to achieve those goals
(maximum employment and price stability) while preserving the
Federal Reserve's independent and nonpartisan status that is so
vital to their pursuit," he added.
Also in focus is the tax bill overhaul in the Senate, where a
vote on their version is due on Thursday. The plan should get
support from at least 50 members of the Senate GOP caucus to get it
passed.
"I think the tax bill is doing very well, and I think the
Republicans are going to be very proud of it," Trump told reporters
Monday at the White House. Economic reports on advance goods trade
balance, home prices and consumer confidence index are also likely
to garner attention.
The currency showed mixed performance in the Asian session. It
held steady against its major rivals, excepting the yen.
The greenback strengthened to a 6-day high of 1.3274 against the
pound, from a low of 1.3357 hit at 1:00 am ET. If the greenback
rises further, 1.30 is likely seen as its next resistance
level.
The greenback advanced to a 4-day high of 1.1875 against the
euro, after having fallen to 1.1920 at 3:15 am ET. The greenback is
seen finding resistance around the 1.17 region.
Data from Destatis showed that Germany's import price inflation
eased at a slower-than-expected pace in October.
Import prices climbed 2.6 percent year-over-year in October,
slower than the 3.0 percent increase in September. Economists had
expected the inflation to moderate to 2.5 percent.
The greenback held steady against the franc, after having risen
to a 6-day high of 0.9837 at 2:45 am ET. The pair closed Monday's
deals at 0.9813.
The greenback was trading in a positive territory against the
yen with the pair worth 111.26. At yesterday's close, the pair was
valued at 111.08. The next possible resistance for the
greenback-yen pair is seen around the 112.5 level.
Bank of Japan Governor Haruhiko Kuroda highlighted the
importance of diversifying the sources of corporate funding.
In a speech at Asia Securities Forum in Tokyo, Kuroda said bond
financing is often not the first choice for domestic firms when
financing their business.
After hitting a weekly high of 1.2807 against the loonie at 5:30
am ET, the greenback held steady. The greenback was worth 1.2769
against the loonie when it ended deals on Monday.
Looking ahead, Canada industrial product and raw materials price
indices for October, U.S. wholesale inventories for October,
S&P Case/Shiller home price index and FHFA's house price index
for September and consumer confidence index for November are set
for release in the New York session.
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