On Thursday, the Greenback drifted lower vs. a basket of major currencies, reversing the modest gains that followed the Federal Reserve’s decision to keep rates steady as widely expected. Today, U.S. President Donald Trump is expected to nominate Jerome Powell as the next central bank chief, putting his own stamp on the leadership of the U.S. central bank while signaling continuity on monetary policy. Meanwhile, the release of House Republicans' tax reform bill will also be in the spotlight.
Also on the economic calendar for Thursday, markets are awaiting the U.S. Initial Jobless Claims.
Against the Euro, the USD fell to $ 1.1659 down by 0.34%. On the release front, markets are awaiting German Unemployment Change, which expected to hit -10k from -23k.
The sterling pound rose as much as 0.16% to settle at $1.3266 vs. the Greenback, with markets focusing on the BOE’s policy decision as the BoE is widely expected to hike interest rates for the first time since July 2007.
The U.S. pulled back from a 3-1/2-month high vs. the JPY, sagging ahead of a U.S. tax bill that could be unveiled after a one-day delay. The Greenback was down by 0.29% at ¥113.84. No reports are due from Japan today.
Gold hits one-week high, positively affected by a weaker dollar in the short term, after the U.S. Federal Reserve kept interest rates unchanged yesterday. Additionally, traders will also be searching for clues on who might be the next Fed chair.Gold Futures - Dec 17 (GCZ7) was up 0.19% at $1,279.69.
Oil prices settled as U.S. crude inventories declined despite a hike in production. Data on Wednesday showed that U.S. commercial crude oil inventories declined by 2.4 million barrels in the week to October 27 to 454.9 million barrels.
Crude Oil WTI Futures - Dec 17 (CLZ7) rose as much as 0.6%, to settle at $54.33 and Brent Oil Futures - Jan 18 rose as much as 0.18% at $60.60.
Economic Calendar (all times in GMT)
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