Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Forex - Dollar Hovering at 1-Month Highs; Kiwi Soars

Published 11/13/2019, 04:04 AM
Updated 11/13/2019, 04:04 AM
© Reuters.

© 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 U.S. dollar index 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 yen 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 euro overnight and traded marginally below that level at 1.1007 on Wednesday.

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

The British pound 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 New Zealand dollar 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

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.