Forex – Aussie Up Slightly On Dollar Ahead Of CPI, Trump Speech Awaited


© Reuters. Aussie gains slightly on dollar

Investing.com – The Aussie nudged up against the dollar on Wednesday in Asia in a busy regional data day ahead that will also see President Trump’s remarks to Congress during the trading day with potential comments on trade and China to be closely-noted.

traded at 0.8084, up 0.01%, while was last quoted at 108.77, down 0.01%.

Australia reports consumer price inflation for the fourth quarter with a 0.7% gain and at a 2.0% pace expected. As well, for December is expected to show a 0.5% gain

China reports its official with a 51.5 level expected for January, a dip down from 51.6 in December. The is seen steady at 55.0. The private is due on Thursday with a 51.3 level seen in January, a slight fall from 51.5 in December.

President Donald Trump will give his State-of-the Union address to Congress with the market on its toes for comments on the trade and the dollar.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted down 0.17% to 89.02.

Later Wednesday. the Fed will hold its last FOMC review with Janet Yellen as chair and is widely expected to stay steady, but the tone on inflation and growth outlooks at the press conference could rattle markets.

Overnight, the dollar bounced off the lows of session Tuesday against a basket of major currencies as the Federal Reserve got its two-day meeting underway.

The Federal Reserve got its two-day meeting underway, with an announcement on its monetary policy decision due Wednesday, when it’s widely expected the central bank will stand pat on interest rates.

Yet the monetary policy statement, which accompanies the rate decision, is expected to garner attention as some market participants expect the Fed to adopt a slightly hawkish slant in its language concerning the strength of the US economy and inflation.

Bullish economic data, meanwhile, limited losses in the greenback as data showed consumers remained confident the strong economic growth seen last year will continue into 2018.

The Conference Board’s consumer confidence gauge rose to 125.4 in January from 122.1 in December, beating economists’ forecast for a reading of 123.1.

“Consumers remain quite confident that the solid pace of growth seen in late 2017 will continue into 2018,” said Lynn Franco, director of economic indicators at the board. “Expectations improved, though consumers were somewhat ambivalent about their income prospects over the coming months, perhaps the result of some uncertainty regarding the impact of the tax plan.”

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