Dollar Edges Higher Before Fed, Pound Holding Above 1.31 By Investing.com



© Reuters.

Investing.com – The dollar edged higher against a currency basket on Thursday as investors turned their attention to a monetary policy announcement from the Federal Reserve later in the day, while the pound remained supported above the 1.30 level on Brexit optimism.

The , which measures the greenback’s strength against a basket of six major currencies, was up 0.18% to 95.98 by 04:01 AM ET (09:01 AM GMT).

The dollar regained ground after sliding in the previous session as the prospect of gridlock in Washington in the wake of looked likely to significantly curtail President Donald Trump’s legislative agenda.

The greenback has strengthened broadly this year, boosted by a robust domestic economy, rising interest rates and the effects of U.S. fiscal policy.

The later Thursday, with the next rate hike expected in December, but its views on the U.S. economic outlook could move markets.

The dollar pushed higher against the yen, with up 0.14% to 113.68.

The euro was little changed against the greenback, with changing hands at 1.1432.

In the euro zone, data showed that German exports fell 0.8% in September, which was the largest drop since February. The report added to fears that the euro area’s largest economy is being hit by global trade tensions.

Demand for the pound continued to be underpinned by hopes for a Brexit deal between the European Union and the UK, with last at 1.3135.

The pound was at five-month highs against the euro, with at 0.8701, the weakest level since May 30.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Leave a Reply