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Dollar Down Against Yen In Early Asia, Fed Speakers Ahead

11/28/2017, 11:37:54 AMTrading Strategies
Dollar Down Against Yen In Early Asia, Fed Speakers Ahead

The dollar dipped against the yen in early Asian trade on Tuesday with a slate of Fed speakers later in the day on tap to provide direction.

USD/JPY changed hands at 111.07, down 0.16%, while AUD/USD traded at 0.7607, up 0.07%.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.14% to 92.85.

Fed speakers Dudley and Harker are slated to deliver speeches on Tuesday which may offer clues on future monetary policy ahead of widely expected December rate hike.

Meanwhile, Fed governor Jerome Powell, nominee to replace Janet Yellen as Federal Reserve chair in February, appears before the Senate Banking Committee at 9:45AM ET (14:45GMT) Tuesday for his confirmation hearing.

Overnight, the U.S. dollar recovered from a two-month low on Monday as investors look ahead to Fed Governor Jerome Powell’s Congressional hearing.

Powell, who was nominated by President Donald Trump to lead the Federal Reserve, is scheduled to appear before Congress on Tuesday.

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.