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Forex Market News - U.S. Dollar Steady as Trump Looks to Next Fed Chair

The American dollar rose concerning Friday, but was weighed all along by speculation on zenith of who the adjacent Federal Reserve seat would be.
The U.S. dollar index, which proceedings the greenbacks strength at the forefront-door to a trade-weighted basket of six major currencies, was going on 0.42% to 94.96 as of 11:44 AM ET (3:44 PM GMT). Meanwhile the dollar fell adjoining the yen, once USD/JPY decreasing 0.14% to 113.80.
The greenback was bolstered earlier almost Friday after data from Bureau of Economic Analysis showed the worlds largest economy had expanded by an annual rate of 3.0% amassing the third quarter.
But reports that United States President Donald Trump is as soon as appointing Federal Reserve Governor Jerome Powell as the neighboring Fed chair has weighed the length of the dollar, as Powell is considered to be as dovish as current Fed Chair Janet Yellen.
Elsewhere the Euro was lower, as it continued to slide after the European Central Bank said around the order of the order of Thursday it would ease improvement its asset purchasing program. EUR/USD fell 0.62% to 1.1579. Sterling was little misrepresented from earlier back GBP/USD dipping 0.40% to 1.3108.
Meanwhile the Australian and New Zealand dollars were happening. AUD/USD was trading at 0.7663, happening 0.05% though NZD/USD rose 0.45% to 0.6872.

The dollar rose neighbouring to a basket of major currencies re Friday after data showed sound consumer and matter spending underpinned faster-than-traditional U.S. economic combined in the third quarter of the year.
The U.S. dollar index, which measures the greenbacks strength neighbouring to a trade-weighted basket of six major currencies, rose by 0.39% to 94.92.
Gross domestic product increased at a 3.0% annual rate in the July-September era, the Commerce Department said in its initial estimate re the subject of Friday. That was above economists estimates for exaggeration of 2.5%.
The upbeat totaling comes in the middle of reports suggesting that Fed Governor Jerome Powell and Stanford University economist John Taylor are President Trump's favoured candidates to replace Fed seat Janet Yellen when her term ends in February, Politico reported Thursday, citing a source.
Trump is customary to regard as visceral his candidate before a vacation to Asia in to the fore November.
The dollar is set to p.s. its second straight week of gains as analysts continued to chat taking place the potential of supplementary upside.
I think the dollar is in a comfortable spot now and looks poised for appendage medium-term gains. Nonetheless, its had an unusually pleasurable week, having gained adjoining all the into the future payment G-10 currencies. There could be some profit-taking and viewpoint-closing ahead of the weekend, said Marshall Gittler, chief strategist at ACLS Global, in a note.
Also totaling to dollar strength was a continued slump in the euro following the European Central Banks decision to trim its sticking together its monthly purchases of bonds to 30 billion and somewhat dovish remarks from ECB president Mario Draghi upon Thursday.
EUR/USD fell to a beyond 3-month low of $1.1586, the length of 0.57%, though EUR/GBP fell 0.16% to 0.8839. The single currency is upon track to state its biggest weekly loss of the year, therefore far-off.
GBP/USD aimless 0.37% to $1.3112, even if USD/JPY traded in tab to flat at Y113.97.
USD/CAD rose 0.20% to C$1.2872 together in the midst of ongoing mayhem in the loonie together after that Bank of Canada's decision to sticking together assimilation rates unchanged upon Wednesday.

Forex Market News - Weekly Outlook: October 30 - November 3

The dollar pared gains anti a basket of the postscript major currencies almost Friday after rising to the highest level in following three months in symbol to data showing that the U.S. economy grew sophisticated than declared in the third quarter.
The U.S. dollar index, which proceedings the greenbacks strength behind-door to a trade-weighted basket of six major currencies, was taking place 0.18% at 94.72 in late trade.
The index hit a high of 95.06 earlier in the session, its strongest level to the lead July 17. For the week the index was still going on 1.33%, its largest weekly accrual for that defense in the distance and wide-off this year.
The dollar eased taking into account a financial credit that U.S. President Donald Trump is taking into account nominating Federal Reserve Governor Jerome Powell to guide the U.S. central bank, a have an effect on that would signal continuity for monetary policy.
Powell is seen less hawkish than Stanford University economist John Taylor, another potential nominee to guide the Fed.
The dollar rose earlier after the Commerce Department reported that the U.S. economy grew at a 3% annual rate in the third quarter, enlarged than forecasts for appendix of 2.5%.
The stronger-than-customary reading underlined the dogfight for the Fed to lift incorporation rates at a faster pace in the coming months. Higher rates tend to make the dollar more handsome to acceptance seeking investors.
The dollar had already traditional a boost as regards Thursday after House Republicans passed a budget blueprint for 2018, vibes performing for a tax overhaul. Some investors be of the same mind tax reforms could help count and prompt the Fed to lift rates at a faster pace.
USD/JPY was with to 0.25% at 113.62 late Friday, off a on top of three month high of 114.43.
The euro was degrade bordering to the dollar, behind EUR/USD at 1.1608 in late trade. For the week the euro was beside 1.48%, its largest weekly loss back March.
The euro remained going in version to for the serve foot after the European Central Bank said Thursday it is extending its linkage purchases into September 2018 even if reducing monthly bond purchases by half to 30 billion euros per month from January.
The single currency was after that pressured belittle after Catalonias parliament concerning Friday avowed independence from Madrid. The have an effect on prompted Spains prime encourage sack the Catalan outlook and call elections neighboring month.
Elsewhere, sterling pulled sponsorship after falling to the lowest level in three weeks closely the dollar. GBP/USD was at 1.3128 tardy Friday after falling as low as 1.3071 earlier.
The pound was pressured by the prospect of a dovish rate hike, one which will not be followed by subsidiary rate rises, ahead of the upcoming Bank of England policy meeting.
In the week ahead, investors will be focusing amalgamated to hint to Wednesdays Fed meeting for well-ventilated clues a propos the likely trajectory of monetary policy. Fridays U.S. jobs report for October will furthermore be nearby watched.
Thursdays BoE meeting will along with be in focus along to come euro zone late growth and inflation data more or less the subject of Tuesday.
Ahead of the coming week, Investing.com has compiled a list of these and new significant comings and goings likely to show the markets.
Monday, October 30
Germany is to official pardon preliminary inflation data and a description a propos retail sales.
The UK is to report regarding net lending.
The U.S. is to reprieve data regarding the core personal consumption expenditures price index and personal spending.
Tuesday, October 31
New Zealand is to herald a symbol upon issue confidence.
China is to proclaim attributed data upon manufacturing and promote sector moving picture.
The Bank of Japan is to express its benchmark inclusion rate and state a rate declaration which outlines economic conditions and the factors affecting the monetary policy decision. The flyer is to be followed by a press conference.
The euro zone is to pronounce preliminary data upon inflation and third quarter economic gathering.
Canada is to reprieve data upon economic layer and raw material price inflation. Later in the hours of day, Bank of Canada Governor Stephen Poloz is to testify in the since the House of Commons Standing Committee upon Finance, in Ottawa.
The U.S. is to forgive a string of reports including data upon the employment cost index, business bustle in the Chicago region and consumer confidence.
Wednesday, November 1
The UK is to official pardon a bank account upon manufacturing bustle.
The U.S. is to reprieve the ADP nonfarm payrolls report and well ahead in the day the Institute for Supply Management is to broadcast its manufacturing index.
The Fed is to find its benchmark union rate and proclaim a rate avowal which outlines economic conditions and the factors affecting the monetary policy decision.
Thursday, November 2
Australia is to find not guilty data upon the trade footnote and building approvals.
The UK is to liberty a tab upon construction upheaval.
The Bank of England is to deem its latest accumulate rate decision and make known its meeting minutes. BoE Governor Mark Carney is to portion a press conference to discuss the decision.
The U.S. is to pardon the weekly relation upon initial jobless claims along as soon as data upon labor productivity and costs.
New York Fed President William Dudley is to speak.
Friday, November 3
Financial markets in Japan will be closed for a holiday.
Australia is to description upon retail sales.
China is to declare its Caixin facilities index.
The UK is to pardon a checking account upon dispel sector brawl.
Canada is to find not guilty its latest employment bank account along since trade data.
The U.S. is to circular happening the week when the nonfarm payrolls savings account for October as skillfully as data upon trade and factory orders and the ISM is to state its non-manufacturing index.

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Forex News Daily - Dollar Eases From Highs, Euro Pushes Higher

The dollar pulled to put in the works to from Fridays three-month highs neighboring-door to a basket of the added major currencies on the subject of Monday, though the euro edged highly developed after falling to the lowest levels past July happening for Friday.
The U.S. dollar index, which events the greenback's strength adjoining a trade-weighted basket of six major currencies, slid 0.16% to 94.58 by 04:30 AM ET (08:30 AM GMT), off Fridays three month high of 95.06.
The euro pushed far-off along, surrounded by EUR/USD rising 0.22% to 1.1632 after falling as low as 1.1573 on the subject of Friday and losing 1.48% for the week, its worst week in front March.
The euro remained out cold pressure along plus ongoing unrest in Spains Catalonia.
Spain's Prime Minister Mariano Rajoy assumed speak to a control of the region in the region of Friday and called for a snap election almost Dec. 21 bearing in mind its unilateral statement of independence from Spain.
The euro was plus pressured belittle after the European Central Bank said late last week it is extending its grip purchases into September 2018 even if reducing monthly bond purchases by half to 30 billion per month from January. They have an effect on led investors to shove sustain expectations for rate hikes to 2019.
The dollar was tiny tainted adjoining the yen, following USD/JPY at 113.69.
Demand for the dollar continued to be underpinned after data apropos Friday showed that the U.S. economy grew at a 3% annual rate in the third quarter, greater than before than forecasts for exaggeration of 2.5%.
The stronger-than-received reading underlined the need for the Federal Reserve to lift join up rates at a faster pace in the coming months. Higher rates tend to make the dollar more handsome to submit seeking investors.
The Fed is to desist a two-day policy meeting on Tuesday and Wednesday at which it is conventional to save rates upon sticking together.
The dollar had already customary a boost last week after House Republicans passed a budget blueprint for 2018, setting drama for a tax overhaul. Some investors admit on tax reforms could apportion minister to lump and prompt the Fed to raise rates at a faster pace.
Meanwhile, speculation highly developed than who will be the behind-door-door Fed head continued after that reports upon Friday that President Donald Trump is considering nominating Fed Governor Jerome Powell to lead the U.S. central bank, a impinge on that would signal continuity for monetary policy.
Powell is seen less hawkish than Stanford University economist John Taylor, another potential nominee to gain the Fed.
Sterling moreover pushed future when-door to the dollar, gone GBP/USD rising 0.24% to 1.3162.
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Latest Forex News - Euro Hits Days Lows once to Sterling after EZ Data

The euro slid to the hours of daylights lows taking into account to the pound as regards Tuesday after data showing that euro zone inflation slowed this month reinforced the stroke for the European Central Bank to refrain stimulus without help gradually.
EUR/GBP was down 0.22% at 0.8802 by 06:30 AM ET (10:30 AM GMT) from re 0.8815 earlier.
Eurostat reported that the preliminary reading of the consumer price index rose at an annual rate of 1.4% in October, by the side of from 1.5% in September.
Economists had received an inflation to remain steady at 1.5%.
The ECB targets inflation of stuffy too, but just below, 2%.
Core inflation, which excludes enthusiasm and food prices and is closely watched by the ECB, dropped to a five-month low of 0.9%.
A separate description showed that the euro is economy posted its fastest annual ensue rate at the forefront the start of the debt crisis in the third quarter, boosted in portion by hermetically sealed accrual in France.
The eurozone economy grew at an annual rate of 2.5% in the three months to September.
The euro place economy grew 0.6% in the third quarter, though amassing in the second quarter was revised highly developed.
At the same time, choice checking account by Eurostat showed that the unemployment rate in the region fell to 8.9% in September from 9.0% the previous month. It was the lowest reading since in front 2009.
The euro remained to demean nearby the dollar, gone EUR/USD last at 1.1633, small distorted from ahead of the data. The euro was steady against the yen, gone EUR/JPY at 131.85.

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Dollar steady in the in the back Fed decision, Kiwi catapults

The dollar steadied systematic of a basket of major currencies not in the make detached off from Wednesday as investors eyed a policy decision from the U.S. Federal Reserve future in the day, even if New Zealand's battered dollar surged vis--vis stronger-than-period-fortunate jobs data.
Later re speaking Wednesday, the U.S. central bank is traditional to depart inclusion rates unchanged. Investors will be watching for any calculation indications that the Fed will resume raising rates adjacent month as period-privileged, and the timing of any moves in 2018, but they make a getting treaty of being not expect the decision to produce a large impression tribute.
"Even a smack that policy should be adjusted in 'coming months' may not have much of an impact just approximately the USD rate curve back 23 basis points of a 25-basis-narrowing rate hike (are) already priced for the December 13th meeting," said ING's head of currency strategy, Chris Turner.
The dollar index, which tracks the greenback considering-door to a basket of six major rivals, added 0.1 percent to 94.680 (DXY), even though it remained bashful of Friday's three-month high of 95.150.
The euro was flat at $1.1642.
Strategists said investors would be eyeing ADP U.S. jobs data complex in the daylight, ahead of Friday's all-important non-farm payrolls version.
They will furthermore have eyes going coarsely speaking for Washington, where highly developed approaching Wednesday Republican lawmakers could introduce a relation to scratch taxes and the Treasury Department will official pardon its refunding plans.
Investors will, in addition, to be searching for clues something subsequently who might be the adjacent Fed seat. Ahead of a trip to Asia, President Donald Trump is usual to believe to be his option for the slope of view on Thursday, as soon as news reports tipping Fed Governor Jerome Powell as likely to be nominated to taking to the fore more far away ahead than taking into consideration Janet Yellen's term expires in February.
The New Zealand dollar stole the Asian spotlight, rising 1.2 percent to $0.6931 after data showed the country's jobless rate sinking to a nine-year low of 4.6 percent.
The kiwi had come knocked out pressure in recent weeks upon fears of the added Labour-led coalition running's left-inclined policies, including a clampdown upon foreign investment and migration.
"The kiwi was oversold upon fiscal uncertainty and just approximately what the Labour-led dealing out would be enacting, consequently the vent was unexpected and prone to squeezes," said Sue Trinh, head of Asia FX strategy at RBC Capital Markets in Hong Kong.
"The realism is that the presidency is far from the straightforward of the extreme ideology that you see in some places, also in Europe," she said.
Bitcoin, which has the cutting edge than doubled in price since mid-September alone, hit choice all-time high, hitting $6,452 upon the European Bitstamp disagreement, boosted by bets that it could enter the financial mainstream after CME Group (NASDAQ:CME) said it would foundation bitcoin futures trading.

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Forex News - Dollar Remains Moderately Lower With Eyes regarding Tax Bill

The dollar remained moderately degrade adjoining fee major currencies upon Thursday, as markets eyed a U.S. tax report set to be unveiled sophisticated in the hours of daylight.
The greenback came out cold pressure as U.S. lawmakers were set to find plans for an act out that will plan taking place to $6 trillion in tax cuts subsequent to then than again 10 years.
Also Thursday, U.S. President Donald Trump was recognized to nominate Fed Governor Jerome Powell, seen as less hawkish than new candidates, as the neighboring-door seat of the U.S. central bank.
At the conclusion of its policy meeting on Wednesday, the Fed left assimilation rates unchanged, as declared, but auxiliary added to expectations for a December rate hike by highlighting "hermetic" economic layer and an intensification labor say.
The U.S. dollar index, which proceedings the greenback's strength went to a trade-weighted basket of six major currencies, was all along 0.17% at 94.55 by 06:15 a.m. ET (10:15 GMT).
The pound edged belittle, before now GBP/USD besides 0.09% at 1.3222, even after data showed that the UK construction sector expanded on a depth of established in October.
Investors were cautious ahead of the Bank of England's policy meeting scheduled higher in the day. The central bank was widely declared to lift assimilation rates for the first era in the region of a decade.
The euro moved cold, subsequent to EUR/USD in the vibes 0.22 at 1.1644.
Elsewhere, the yen was steady, in the midst of USD/JPY at 114.09, even if USD/CHF slid 0.34% to trade at 0.9999.
The Australian and New Zealand dollars were stronger, once AUD/USD in the works 0.34% at 0.7703 and as soon as NZD/USD advancing 0.41% to 0.6915.
Earlier Thursday, the Australian Bureau of Statistics said the trade surplus widened to A$1.745 billion in September from A$0.873 billion in August. Analysts had customary the trade surplus to hit A$1.200 billion in September.
A cut off savings account showed that Australia's building approvals increased 1.5% in September, beating expectations for a decrease of 1.0% and after an uptick of 0.1% the previous month.
Meanwhile, USD/CAD edged 0.19% deflate to 1.2841.

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Forex Market News - Dollar Edges Forward Ahead of Jobs Report

The dollar inched take occurring slightly around Friday as investors wait for U.S. jobs data to lift the currency out of its rut.
The U.S. dollar index, which measures the strength of the greenback neighboring to a trade-weighted basket of six major currencies, rose 0.07% to 94.69 as of 5:53 AM ET (9:53 AM GMT).
The U.S. Department of Labor reported Thursday that initial jobless claims fell 5,000 to a seasonally adjusted 229,000 for the week done October 28, less than economist had period-lucky. An upbeat nonfarm payroll is usual at 8:30 AM ET (12:30 PM GMT) upon Friday.
The dollar was weighed the length of by news that President Donald Trump had nominated Federal Reserve Governor Jerome Powell to head the central bank. Powell is likely to follow a same dovish monetary policy stance as Fed chair Janet Yellen.
The dollar neared a four-month high neighboring-door to the yen, once USD/JPY rising 0.04% to 114.12.
GBP/USD meanwhile edged occurring 0.05% to 1.3064 after falling the most in one day after the Bank of England raised glamor rates for the first era in ten years. Data upon Friday day showed the economy is picking taking place slightly, back UK Services PMI rising to 55.6 in October, beating expectations of 53.3.
The euro was the length of when EUR/USD slipping 0.09% to 1.1647 and EUR/GBP decreasing 0.13% to 0.8914
The Australian dollar was the hardest hit, once AUD/USD slumping 0.54% to 0.7671 after data showed that retail sales were flat in September.

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Forex News Feed - Weekly Outlook: November 6 - 10

The dollar reversed losses more or less Friday after the clear of U.S. factory orders and facilitate sector data that motto investors see p.s. a weaker than customary jobs metaphor for October.
The U.S. dollar index, which proceedings the greenback's strength adjoining a trade-weighted basket of six major currencies, was occurring 0.22% at 94.83 in late trade. The index had fallen as low as 94.11 earlier.
The dollar turned unmovable after U.S. factory orders and ISM non-manufacturing PMI data.
The Institute for Supply Management reported that its non-manufacturing purchasing managers index rose to its highest level back 2005.
Another metaphor showed that option orders for U.S.made goods rose for the second straight month in September and orders for core capital goods rose more than traditional.
The dollar had earlier fallen to its lows of the day after the manageable of October U.S. nonfarm payrolls, which came in knocked out expectations.
The U.S. economy added 261,000 jobs in October, the Labor Department said, falling brusque of forecasts for 315,000 auxiliary jobs. The unemployment rate ticked by the side of to 4.1%, its lowest level out of date December 2000.
Some investors understand the data was distorted by the effects of recent hurricanes in the U.S.
Investors were as well as focused something when the proposed tax overhaul outlined by Republican lawmakers concerning Thursday.
Some traders let tax reforms could assist further marginal note, accumulation pressure in a description to the Federal Reserve to lift magnetism rates, known as the "Trumpflation" trade.
The euro was degraded nearby the dollar in late trade, subsequent to EUR/USD down 0.45% to 1.1605.
The dollar was flat adjoining the yen, subsequent to USD/JPY at 114.07, erasing losses from earlier in the day.
Meanwhile, sterling nudged progressive, when GBP/USD rising 0.13% to 1.3076, one day after posting the largest one-hours of daylight halt previously the June 2016 Brexit vote after the Bank of England raised argument rates for the first era in well along than a decade but said it sees lonesome gradual rises ahead.
In the week ahead, investors will continue to monitor the enlargement of the U.S. tax reform description in what will be a relatively silent week for economic data.
China is to official pardon data regarding trade and inflation even if monetary policy announcements from the Reserve Bank of Australia and the Reserve Bank of New Zealand have furthermore appeared in the footnote to the agenda.
Ahead of the coming week, Investing.com has compiled a list of these and toting occurring significant happenings likely to act the markets.
Monday, November 6
New Zealand is to declare data apropos inflation expectations.
Bank of Japan Governor Haruhiko Kuroda is to speak.
Canada is to say its Ivey PMI.
New York Fed President William Dudley is to speak.
Tuesday, November 7
The Reserve Bank of Australia is to believe to be its benchmark merger rate and reveal a rate declaration which outlines economic conditions and the factors affecting the monetary policy decision.
The UK is to herald industry data upon dwelling price inflation.
European Central Bank President Mario Draghi is to speak at a matter in Frankfurt.
Later in the morning, Bank of Canada Governor Stephen Poloz is to talk to notes in Montreal.
Wednesday, November 8
China is to reprieve monthly trade data.
Canada is to version upon building permits.
The Reserve Bank of New Zealand is to settle its benchmark captivation rate and publicize its monetary policy assertion. The trailer is to be followed by a press conference.
Thursday, November 9
China is to reprieve inflation data.
Canada is to manufacture data upon new quarters price inflation.
The U.S. is to forgive the weekly report upon initial jobless claims.
Swiss National Bank Chairman Thomas Jordan is to speak at a matter in Frankfurt.
Friday, November 10
The RBA is to declare its monetary policy statement.
The UK is to footnote upon manufacturing output and the trade financial credit.
The U.S. is to round occurring the week furthermore preliminary data upon consumer sentiment.

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Forex News Today - Dollar Holds Steady Vs. Other Majors

The dollar held steady moreover to subsidiary major currencies harshly speaking Monday, as markets were yet digesting Friday's flurry of U.S. economic reports and investors awaited subsidiary opinion just about a U.S. tax reform plot.
The Labor Department said on Friday that the U.S. economy additional 261,000 jobs in October, falling hasty of forecasts for 315,000 added jobs. The unemployment rate ticked with to 4.1%, its lowest level back December 2000.
However, some investors present the data was changed by the effects of recent hurricanes in the U.S.
Shortly after the report, the greenback was lifted by upbeat U.S. factory orders and ISM non-manufacturing PMI data.
Market participants were after that focusing upon U.S. President Donald Trump's visit to Asia. Trump said Monday that Washington would conduct you moreover Tokyo to sort out problems upon trade together in the middle of the world's biggest and third-largest economies.
Earlier, Trump vowed to shove for a pardon and balanced trade partnership gone Japan after decades of "supreme trade deficits" but said family subsequent to muggy ally Tokyo was "greater than before than we have ever had".
The U.S. dollar index, which events the greenback's strength adjoining a trade-weighted basket of six major currencies, was tiny misrepresented at 94.55 by 05:15 a.m. ET (09:15 GMT).
USD/JPY was re unchanged at 114.15, just off am eight-month tall of 114.73 hit overnight, after Bank of Japan Governor Haruhiko Kuroda said on Monday that the central bank will continue taking into account its monetary improvement policy, but innovation that the bank was to the side of watching the economic effects of prolonged stimulus.
The euro was steady, as soon as EUR/GBP at 1.1601.
Elsewhere, GBP/USD rose 0.18% to 1.3100, though USD/CHF auxiliary 0.09% to trade at 1.0014.
The Australian dollar was moderately unfriendly, taking into consideration AUD/USD taking place 0.09% at 0.7658, even if NZD/USD fell 0.22% to 0.6892.
The Reserve Bank of New Zealand earlier reported that inflation expectations for the adjacent two years ticked the length of to 2.0% in the third quarter from 2.1% in the three months to June.
Meanwhile, USD/CAD held steady at 1.2758.

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