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Dollar Quoted Weaker In Early Asia AS Trump's APEC Remarks Awaited

11/10/2017, 9:53:53 AMMarket Analysis
Dollar Quoted Weaker In Early Asia AS Trump's APEC Remarks Awaited

The dollar was quoted weaker against the yen in early Asia in a light data day ahead as President Trump heads to Vietnam for an APEC summit with U.S. foreign trade and domestic tax policy dominating market headlines.

USD/JPY was last quoted at 113.42, down 0.40%, while AUD/USD traded at 0.7680. Overnight, EUR/USD was last quoted up 0.40% to 1.1641.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted down 0.37% to 94.42.

Overnight, the dollar traded lower against the dollar index amid fears the Senate would derail Trump’s tax reform plan after news surfaced that the Senate would delay corporate tax cuts until 2019.

Senate Republicans on Thursday plan to propose delaying a cut in the corporate tax rate from 35% to 20% until 2019, The Washington Post reported on Thursday, citing four people briefed on the planning. The move to delay corporate tax represents a significant shift from President Donald Trump’s view that immediate tax cuts are needed to stimulate the economy.

Also weighing on the dollar was a report showing weakness in the labor market after initial jobless claims rose more than expected last week.

The U.S. Department of Labor reported Thursday that initial jobless claims increased 10,000 to a seasonally adjusted 239,000 for the week ended Nov. 4, above forecasts of a 2,000 increase to 232,000.

In Europe, the euro rose sharply against the dollar after the European Commission revised up growth forecast for the Eurozone this year but lowered next year’s growth estimates.