Economy

Dollar rally stalls as market ponders Trump's Fed choice

Dollar rally stalls as market ponders Trump's Fed choice”

U.S. President Donald Trump said on September 29 that he has held four meetings to discuss the role of Federal Reserve chair and that he would make a decision in two or three weeks.

Warsh would appeal to President Trump for a number of reasons, including that the former Fed governor and Wall Street banker would favor less regulation of the financial sector.

He also is expected to be slightly more aggressive about interest rate hikes than Fed Chair Janet Yellen and could encourage a more rapid unwinding of the massive Fed balance sheet, which it has only begun to whittle back.

The U.S. dollar pared losses against its Canadian counterpart on Wednesday, helped by the release of strong U.S. employment data, although speculation over Federal Reserve Chair Janet Yellen's replacement limited the greenback's gains.

"The next head of the Fed is a longer-term focus for the forex markets", said Keiko Ninomiya, senior FX market analyst at SMBC Trust Bank in Tokyo.

On the data front, the U.S. Services Purchasing Managers' index (PMI) is due out at 9:45 a.m. ET, followed by the ISM's non-manufacturing report on business, set to come out at 10 a.m. ET.

The dollar index, which tracks the greenback against a basket of six major rivals, slipped 0.2 percent to 93.433, off a six-week high of 93.92 touched on Tuesday following strong USA manufacturing figures.

Interest rate futures traders are now pricing in an 83 percent likelihood of a December rate increase, up from 78 percent on Tuesday, according to the CME Group's FedWatch Tool.

The loonie was steady against the euro, with at 1.4672.

The common currency has been also dogged by concerns over political and social turmoil in Catalonia.



Like this

Latest


04 October 2017
Buccaneers try to solve Eli Manning in matchup with reeling Giants
Apple remains confident. "As the season goes on, you want to improve in all areas". In his first rush as a Giant he broke free for a 10 yard rush and a first down.

04 October 2017
Manhattan Associates (MANH) Earns News Impact Rating of 0.21
Nordea Investment Management AB owned about 0.71% of Manhattan Associates worth $23,500,000 at the end of the most recent quarter. BidaskClub raised shares of Manhattan Associates from a "sell" rating to a "hold" rating in a research note on Friday, June 16th.

04 October 2017
USA will 'be talking about gun laws as time goes by'
We also need to block harmful proposals, like legislation in the House that would make it easier to buy gun silencers. But even more interesting is how those stocks performed after a mass shooting in the Trump era vs. under Obama.

04 October 2017
USA in lead at Presidents Cup
With the Americans enjoying a almost insurmountable 11-1/2 to 2-1/2 lead, Mickelson's absence was not likely to be missed. This turned out to be one big dance party for an American team that has gone almost two decades without losing.

04 October 2017
Tesla Deliveries Rise In Third Quarter, But Model 3 Faces 'Bottlenecks'
If it churns out the Tesla's forecasts, conversely, the central subsidies will run out sometime in the upcoming year. Tesla had planned to produce 20,000 Model 3 in a month by December month and around 500,000 a year by late 2018.

04 October 2017
Yankees -Twins: AL Wild Card Game preview
Once the Yankees take the ball from Luis Severino , they'll hand the ball to several pitchers that have been lights out of late. For the Twins , World Series winners in 1987 and 1991, there hasn't been too much playoff action at all over the last 26 years.

04 October 2017
Route 91 Performers React to Las Vegas Massacre
As Christ-followers, our place is not to judge, but to humble ourselves in unity with our brothers and sisters who are grieving. Live music is meant to be a community experience and the thought of that being threatened in today's world breaks my heart.

04 October 2017
Britain's Prince Charles to visit Singapore and Malaysia in October and November
The royal couple will not visit Myanmar despite earlier media reports suggesting that an official visit was being planned. This will be the Duchess' first official visit to Singapore, while the Prince's last official visit was in March 1979.

04 October 2017
Watching the Indicators on Simon Property Group (SPG) — Share Focus
Investors look at the Volatility 12m to determine if a company has a low volatility percentage or not over the course of a year. A number of equities analysts have recently commented on the stock. (NYSE:SPG) presently has a 10 month price index of 0.91547.

04 October 2017
Tina Fey Handed Out Cheese Fries To Celebrate 'Mean Girls' Day
Fey is rolling around New York City in bright pink food trucks, handing out french fries smothered in cheese. Peek the pics below, and get ready to get schooled by the Mean Girls musical at the August Wilson Theatre .



Recommended