U.S. Dollar Stands Tall as US Tax Reforms Loom
On Friday, the Greenback edged higher vs. its major peers, on new hopes for a major U.S. tax reform and amid continuing speculation over the next chair of the Federal Reserve.
On the economic calendar for Friday, traders are awaiting Yellen’s speech on Monetary Policy the Since Financial Crisis as she could mention to conventional and unconventional policies as well.
EUR edged down by 0.45% to $ 1.1799 as Spanish political tensions weighed.
The Sterling pound dipped into negative territory against its G10 rivals as the UK wage squeeze has continued, and the unemployment rate across the country held to a 42 year low. GBP/USD fell by 0.21%, to settle at $ 1.3132.
In terms of the news, traders are awaiting Public Sector Net Borrowing (Pounds) (SEP), which is expected to rise from 5.1b to 5.7b.
The Greenback rose vs. the JPY, with USDJOY up 0.70% at ¥ 113.33.
On the Japanese election front, traders are awaiting the upcoming Japan’s general election, scheduled on Sunday.
Gold prices fell dramatically, negatively affected by a strong U.S. dollar amid new hopes for a major tax overhaul in the near future. Meanwhile, the precious metal could be affected by speculation over who will replace Janet Yellen as head of the Federal Reserve.
Gold Futures – Dec 17 fell as much as 0.49%, to settle at $ 1,283.70.
Earlier today, Oil prices rose, backed by signs of tightening supply and demand fundamentals, despite the warning of china’s excessive economic optimism still weighed a bit on markets. Crude Oil WTI Futures – Nov 17 rose as much as 0.23%, to settle at $ 57.35, while Brent Oil Futures – Dec 17 was up 0.19 at $57.34.
Economic Calendar (all times in GMT)
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