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Dollar Falls In Asia As Risk Gains, Fed Speakers Awaited

2017-11-28 11:36:36Market Analysis
Dollar Falls In Asia As Risk Gains, Fed Speakers Awaited

The dollar eased in Asia on Wednesday as a slate of Fed speakers joined by the US treasury secretary is ahead and markets keep an eye on the Korean Peninsula for risk trade.

USD/JPY changed hands at 111.25, flat, while AUD/USD traded at 0.7607, up 0.07%.

A Japanese diplomat warned on Monday that radio signals detected from the North Korea indicated another North Korean missile test was close, fuelling demand for safe-haven gold.

“There is a possibility of missiles launches in the next few days,” a Japanese government official said on Monday, according to Japan's Kyodo news agency. The potential of fresh missile launches from the Kim Jong-un led nation is believed to be part of the North Korea army’s winter training regime.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.01% to 92.84.

Later on Tuesday is the Jerome Powell Fed Chair confirmation hearing starting at 10am ET before the Senate Banking Committee.

As well, New York Fed President William Dudley will speak at 9:15am ET at the New York Fed. Philadelphia Fed President Patrick Harker will speak at 10:15am ET at the Philadelphia Fed. Treasury Secretary Steven Mnuchin is slated to make remarks at 3:45pm at the New York Fed.

Attention has also shifted back to President Trump’s tax reform plans. Trump will hold a meeting with Senate Republicans on Tuesday to discuss efforts to pass the proposed legislation