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Forex - Dollar Higher Before Fed, Pound Holding Above 1.31

ForexNov 08, 2018 04:00AM ET
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Investing.com - The dollar moved 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 U.S. dollar index, 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 midterm elections 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 Fed was expected to leave interest rates on hold 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 USD/JPY up 0.14% to 113.68.

The euro was little changed against the greenback, with EUR/USD 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 GBP/USD last at 1.3135.

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

Forex - Dollar Higher Before Fed, Pound Holding Above 1.31
 

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