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Dollar Edges Higher In Asia With Manufacturing PMIs Ahead

2017-11-1 11:38:50Trading Strategies
Dollar Edges Higher In Asia With Manufacturing PMIs Ahead

The Dollar edged higher in early Asia on Wednesday with manufacturing gauges ahead from Australia, Japan and China among others expected to set the tone.

In Australia, the AIG Manufacturing index is due with a previous reading of 54.2. As well, the Japan's manufacturing PMI is ahead with a reading of 52.5 seen along with the China Caixin/Markit PMI is ahead with a steady reading of 51.0 expected.

AUD/USD traded at 0.7656, flat, while USD/JPY changed hands at 113.68, up 0.03%.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted up 0.07% to 94.45.

Overnight, the dollar traded modestly higher against a basket of major currencies buoyed by a pair of economic reports on manufacturing growth and consumer confidence that topped expectations, pointing to underlying strength in the U.S. economy.

Investors outlook on the U.S. economy remained bullish as consumer confidence rose to its highest level since 2008 while economic activity in the Chicago area jumped to a six-and-a-half year high in October.

The Conference Board’s consumer confidence gauge rose to 125.9 in October from 119.8 in September, beating economists’ forecast for a reading of 121.

Consumer sentiment is a leading indicator of consumer spending, which plays a major role in overall economic activity.