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

Forex - U.S. Dollar Flat; Trade Developments, Powell’s Speech in Focus This Week

Published 11/11/2019, 12:41 AM
Updated 11/11/2019, 12:41 AM
© Reuters.

© Reuters.

Investing.com - The U.S. dollar was flat on Monday in Asia. U.S.-China trade developments and appearances by Federal Reserve Chairman Jerome Powell this week are expected to be in focus.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies last traded at 98.175 by 12:38 AM ET (04:38 GMT), down 0.03%.

Over the weekend, U.S. President Donald Trump denied reports that Beijing and Washington agreed to rollback some tariffs on each other’s goods, sparking fresh doubts about when the world's two largest economies may end a 16-month trade war that has slowed global growth.

However, Trump said negotiations are moving along “very nicely” and that “a lot of positive things are happening.” The president is due to give a speech at the Economic Club of New York on Tuesday.

Meanwhile, Powell is to testify on the economy before lawmakers in Washington on Wednesday and Thursday and is expected to reiterate that plans for further easing are now on hold after the Fed cut rates last month for the third time in as many meetings.

On the data front, A fresh round of U.S. economic data will be closely watched at a time when markets are trying to gauge the impact of the trade conflict on the outlook for growth.

Wednesday brings October's Consumer Price Index. Core year-on-year CPI is expected at 2.4% and headline at 1.7%. But the Fed's favorite measure of core personal consumption expenditures is running around 1.6% - hovering mostly below the 2% target since pre-financial crisis.

The USD/JPY pair lost 0.2% as the safe-haven rose amid falling Asian stocks today. Japan will release third-quarter growth data this week.

The AUD/USD pair slipped 0.1% to 0.6854. The NAB business confidence index is due on Tuesday, while Australia’s latest employment report is due on Thursday.

The NZD/USD pair gained 0.3% to 0.6347 as traders await Reserve Bank of New Zealand’s interest rate decision this week.

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.