Dollar Hovering at 1-Month Highs; Kiwi Soars By Investing.com


© Reuters.

Investing.com – The U.S. dollar was hovering near one-month highs on Wednesday as investors looked for news on trade developments and awaited testimony from Federal Reserve Chairman Jerome Powell later in the day.

In a highly anticipated speech on Tuesday, U.S. President Donald Trump said a trade deal with China was “close” but gave no new details on when or where an agreement would be signed, disappointing investors who had hoped for more clarity on the progress of negotiations.

Trump also rattled some investors by threatening China with even more tariffs if they do not sign a deal and reprised well-worn criticism of the U.S. central bank for failing to cut interest rates deeply enough.

Washington and Beijing have imposed tariffs on each other’s goods in a dispute which has roiled global financial markets and raised the risk of recession for some economies as global trade slows.

Market watchers were turning their attention to testimony from Fed head Jerome Powell before a congressional committee at 1600 GMT.

The first public hearings in Trump’s impeachment inquiry also begin an hour earlier at 1500 GMT.

The was a touch higher at 98.24 by 03:55 AM ET (08:55 GMT), after reaching a one month high of 98.30 overnight.

Against the Japanese the dollar was at 109.12, not far below the five-and-a-half month high of 109.48 it hit last week.

The dollar scaled a month-high against the overnight and traded marginally below that level at 1.1007 on Wednesday.

The was pinned at 0.6842 by weak, but largely expected, wage data.

The was holding steady at 1.2834, after a brief boost from the Brexit Party’s decision not to contest Conservative-held seats at December’s election faded.

Meanwhile, the rallied more than 1% after the Reserve Bank of New Zealand left rates on hold overnight and said it saw no urgency to ease policy again after two rate cuts this year.

–Reuters contributed to this report

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

Your email address will not be published. Required fields are marked *