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Forex News: U.S. Dollar Rises Ahead Of Powell's Senate Confirmation

U.S. Dollar Rises Ahead Of Powell's Senate Confirmation Hearing

11/28/2017 - 08:35:00 (RTTNews)

(RTTNews) - The U.S. dollar advanced against its major counterparts in the European session on Tuesday, as investors awaited the Fed chair nominee Jerome Powell's Senate confirmation hearing in Washington for indications on his plans to lead the U.S. central bank.

"Our aim is to sustain a strong jobs market with inflation moving gradually up toward our target," Powell said in prepared testimony. "We expect interest rates to rise somewhat further and the size of our balance sheet to gradually shrink."

"I will do everything in my power to achieve those goals (maximum employment and price stability) while preserving the Federal Reserve's independent and nonpartisan status that is so vital to their pursuit," he added.

Also in focus is the tax bill overhaul in the Senate, where a vote on their version is due on Thursday. The plan should get support from at least 50 members of the Senate GOP caucus to get it passed.

"I think the tax bill is doing very well, and I think the Republicans are going to be very proud of it," Trump told reporters Monday at the White House. Economic reports on advance goods trade balance, home prices and consumer confidence index are also likely to garner attention.

The currency showed mixed performance in the Asian session. It held steady against its major rivals, excepting the yen.

The greenback strengthened to a 6-day high of 1.3274 against the pound, from a low of 1.3357 hit at 1:00 am ET. If the greenback rises further, 1.30 is likely seen as its next resistance level.

The greenback advanced to a 4-day high of 1.1875 against the euro, after having fallen to 1.1920 at 3:15 am ET. The greenback is seen finding resistance around the 1.17 region.

Data from Destatis showed that Germany's import price inflation eased at a slower-than-expected pace in October.

Import prices climbed 2.6 percent year-over-year in October, slower than the 3.0 percent increase in September. Economists had expected the inflation to moderate to 2.5 percent.

The greenback held steady against the franc, after having risen to a 6-day high of 0.9837 at 2:45 am ET. The pair closed Monday's deals at 0.9813.

The greenback was trading in a positive territory against the yen with the pair worth 111.26. At yesterday's close, the pair was valued at 111.08. The next possible resistance for the greenback-yen pair is seen around the 112.5 level.

Bank of Japan Governor Haruhiko Kuroda highlighted the importance of diversifying the sources of corporate funding.

In a speech at Asia Securities Forum in Tokyo, Kuroda said bond financing is often not the first choice for domestic firms when financing their business.

After hitting a weekly high of 1.2807 against the loonie at 5:30 am ET, the greenback held steady. The greenback was worth 1.2769 against the loonie when it ended deals on Monday.

Looking ahead, Canada industrial product and raw materials price indices for October, U.S. wholesale inventories for October, S&P Case/Shiller home price index and FHFA's house price index for September and consumer confidence index for November are set for release in the New York session.

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