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 Index Edges Higher but Upside Limited

Published 11/30/2017, 05:21 AM
Updated 11/30/2017, 05:21 AM

Investing.com - The dollar edged higher against other major currencies on Thursday, but gains were capped by sustained caution surrouding the fate of a major U.S. tax reform plan.

Investors remained focused on a major U.S. tax reform bill as the measure moved toward a U.S. Senate floor vote later this week, amid concerns over how much it will expand the federal deficit.

The greenback found support after data on Wednesday showed that the U.S. economy grew faster than expected in the third quarter.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.17% at 93.38 by 05:15 a.m. ET (09:15 GMT).

EUR/USD slipped 0.21% to 1.1821, while GBP/USD advanced 0.40% to trade at 1.3461.

The single currency showed little reaction to data showing that euro zone comsumer prices consumer price index rose at an annual rate of 1.5% in November, above 1.4% in October.

Meanwhile, the pound remained supported after European Union diplomats said that Britain has moved "close" to EU demands over Brexit.

Elsewhere, the yen and the Swiss franc were lower, with USD/JPY up 0.38% at 112.35 and with USD/CHF adding 0.15% to 0.9864.

The Australian dollar was steady, with AUD/USD at 0.7566, while NZD/USD dropped 0.70% to 0.6834.

Earlier Thursday, the Australian Bureau of Statistics said that building approvals rose 0.9% in October, confounding expectations for a 1.8% decline.

In New Zealand, daata showed that the ANZ Business Confidence index dropped to an eight-year low of -39.3 in November from -10.1 the previous month.

Meanwhile, USD/CAD rose 0.21% to trade at 1.2889.

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.