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Markets await who will replace Janet Yellen?

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USD

On Thursday, the Greenback dipped into negative territory against a basket of major currencies, as investors eyed upcoming U.S. economic reports. Meanwhile traders’ attention turning to who will next lead the Federal Reserve as Yellen's term expires in February 2018.  Markets are awaiting the U.S. jobless claims and manufacturing activity due later in the day for further sings on the strength of the U.S. economy.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.03%, to settle at 93.26 pips, off yesterday’s one-and-a-hald week high of 93.65.

EUR

The euro rose to a three-day high on hedging-related demand from bond investors ahead of the ECB policy meeting next week, however political uncertainty around Catalonia eased gains.

The single currency rose as much as 0.12% vs. the Greenback to settle at $ 1.1801.

GBP

The Pound Sterling declined to a six-day low after data showed that the UK wage growth was still lagging behind inflation, increasing doubts over the BoE’ interest rate outlook.

Official data showed yesterday that basic wage growth was 2.1% during the three months to the end of August. The pound fell as much as 0.33% vs. the Greenback and settled at $1.3161.

On the release front, the UK retail sales declined sharply in September, adding to worries that the UK economy is slowing. 

JPY

The U.S. dollar rose to its highest in about two weeks vs. the yen, backed by this week's rise in U.S. bond yields, with investors’ attention turning to who will next lead the Federal Reserve as Janet Yellen's term expires in February 2018.

Gold

Earlier today, Gold prices edged down to its the lowest in more than one week, as the U.S. stood firm on rising U.S. Treasury yields, with traders focusing on who will replace Janet Yellen as the new chair of the Federal Reserve. However, If the U.S. president appoints Yellen to another term as the world's most powerful economic official, it will be a sharp turn from the Trump’s prior remarks about the economist.

Gold Futures - Dec 17 (GCZ7) rose as much as 0.26%, to settle at $ 1,286.31.

Oil

Oil prices settled near their strongest level in about three weeks amid growing expectations that the markets were starting to rebalance. At the same time, oil investors continued to monitor geopolitical developments in Iraq's Kurdistan region, where Iraqi forces this week controlled the Kurdish-held oil city of Kirkuk.

Crude Oil WTI Futures - Nov 17, fell as much as 1.33%, to settle at $51.35.09, while Brent Oil Futures - Dec 17 was down 1.20% at $57.45.

Economic Calendar (all times in GMT)

  • USD Leading Indicators (SEP): (GMT 14:00) – Medium- Forecast (0.1%) – Previous (0.4%).

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