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Dollar Down In Asia As EUR/USD, GBP/USD Gain On Likely Next Fed Chief

11/2/2017, 3:02:43 PMBasics of Trading
Dollar Down In Asia As EUR/USD, GBP/USD Gain On Likely Next Fed Chief

The dollar fell in Asia and the euro, pound and yen gained solidly as strong Fed language on policy in 2018 was mixed with expectations that Jay Powell will be named the next central bank chief, keeping policy in-line with current chair Janet Yellen.

USD/JPY changed hands at 113.94, down 0.20%, while AUD/USD traded at 0.7709, up 0.42%. EUR/USD jumped 0.32% to 1.1656 and GBP/USD gained 0.35% to 1.3291.

The Federal Reserve kept U.S. overnight interest rates unchanged and highlighted "solid" economic growth at the conclusion of its two-day policy meeting. Analysts said the Fed's statement indicated that a rate hike next month is overwhelmingly likely. In Asia, Australia reported its trade balance for September with a surplus AUD1.745 billion, compared with AUD1.200 billion seen.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, dropped 0.29% to 94.43.

Private U.S. employers added 235,000 jobs in October, according to a report released Wednesday by ADP and Moody's Analytics. That beat economists’ forecast of 200,000.

The Institute for Supply Management's index posted a reading of 58.7 in October, missing expectations for a reading of 60.

The uptick in the dollar weighed on sterling but losses were capped amid data pointing to a rebound in UK manufacturing growth while expectations that the Bank of England will increase interest rates on Thursday lifted sentiment