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Dollar Quoted Higher In Early Asia, China Data Ahead

11/14/2017, 10:10:50 AMTrading Strategies
Dollar Quoted Higher In Early Asia, China Data Ahead

The dollar was quoted higher in early Asia on Tuesday with figures from China ahead on industrial output and retail sales.

USD/JPY was last quoted up 0.04% to 113.60, while GBP/USD was last quoted at 1.3119, down 0.55%. AUD/USD traded at 0.7628, down 0.43%.

Australia reports the NAB business confidence review for October and the NAB business survey. In China, fixed-asset investment is due with a reading of a 7.4% gain seen in October on year, along with industrial production seen up 6.3% and retail sales with a 10.4% gain expected.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted up 0.08% to 94.38.

Overnight, the dollar traded higher against a basket of currencies on Monday buoyed by a slump in sterling amid reports that UK Prime Minister Theresa May is set to face a leadership challenge while positive comments on tax reform from President Donald Trump lifted sentiment on the greenback.

Sterling slump to one-week lows against the dollar amid reports that dozens of members from British Prime Minister Theresa Conservative party had agreed to sign a letter of no-confidence in her as some members doubted Mrs. May ability to lead the UK into a successful Brexit.

Also adding to the dollar strength were tweets from President Donald Trump in which he said that he was “proud” of lawmakers for getting “close” to approving a tax bill