USA dollar falls amid data, Fed leadership discussion

USA dollar falls amid data, Fed leadership discussion”

U.S. President Donald Trump used a luncheon with Senate Republicans on Tuesday to get their views on who he should tap to be the next leader of the Federal Reserve, according to senators who attended.

The dollar index, which measures the greenback against six major peers, was down 0.08 percent at 93.693 in late trading.

MSCI's broadest index of Asia-Pacific shares outside Japan was flat in early trade.

This followed a surge in the fortunes of Stanford University's John Taylor, known for advocating a rules-based approach to monetary policy, as a candidate either for the role of Fed chair when Janet Yellen's term expires early next year, or vice-chair, a post which is also vacant after the retirement of Stanley Fischer this month.

Australian government bonds slumped Thursday after U.S. Treasury yield hit 7-month high of 2.475 percent.

The Australian dollar skidded 0.5 per cent to $0.7741 after weak consumer price figures prompted investors to pare expectations of further tightening from the Reserve Bank of Australia.

But a 0.5 fall for Japan's Nikkei stock index saw it snap out of a record 16 straight sessions of gains.

The market was pricing in one rate increase in December and one more next year, while the Fed itself envisaged three rate hikes in 2018 and was likely to move more rapidly than previously expected under Taylor, they said. The pound rose nearly 1 percent to $1.3255.

He said that the figures were better than he had foreseen but that it did not change his views that the effects of Brexit on capital expenditure and a drop in European Union immigration would gradually take their toll. Germany's DAX rose 0.1 percent.

Infighting on Tuesday among Republican senators however dampened hopes of quick progress on tax reform, while Commerzbank analysts warned that a sharp rise in interest rates could knock the stock market.

In late NY trading, the euro rose to 1.1810 USA dollars from 1.1759 US dollars, and the British pound climbed to 1.3255 US dollars from 1.3121 US dollars. According to a Reuters poll of economists, the European Central Bank is expected to announce on October 26 that it will start trimming its monthly asset purchases to 40 billion euros from 60 billion euros in January.

Crude oil futures caught their breath after rising more than 1 percent overnight after top exporter Saudi Arabia said it was determined to end a supply glut.

Prices also drew support from forecasts of a further drop in USA crude inventories as well as nervousness over tensions in Iraqi Kurdistan.

Brent crude was up 0.1 percent at $58.41 a barrel, while USA crude was down 0.3 percent at $52.31.

Spot gold was down 0.2 percent at $1,273.76 an ounce at 1143 GMT after hitting $1,271.45, the lowest since October 6.

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