Forex – Dollar Off Lows as Trump Reportedly Makes Last-Ditch Effort To Avert Shutdown

Investing.com – The dollar eased from session lows against a basket of major currencies amid reports that president Donald Trump invited Senate minority leader Chuck Schumer to work out a deal to avoid a government shutdown.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.14% to 90.36.

Senate Minority Leader Chuck Schumer will go to the White House on Friday to meet with President Donald Trump about a possible deal to avoid a government shutdown, CNBC reported, citing a source familiar with the meeting.

The dollar failed to advance on the news, however, as earlier reports suggested that Democrats and a small contingent of Republicans could block a stopgap bill passed Thursday forcing the government into shutdown.

The University of Michigan’s survey of consumer attitudes for January fell to , missing economists’ forecasts for a reading of 97. While one-year inflation expectations rose 2.8% in January from 2.7% in December, and five-year inflation expectations grew 2.5% from 2.4%.

Action Economics said it expects to see “an upward revision in late-January,” this should narrow the gap to others surveys which have indicated higher readings of consumer consumer confidence.

Sterling and the euro, meanwhile, bucked their recent trend higher against the greenback as both currencies came under pressure.

fell 0.30% to $1.3855 as fell short of estimates.

fell 0.11% to $1.224 amid reports that the European Central Bank (ECB) could extend its net asset purchases programme (APP) through the end of the year amid ongoing discussion among ECB policymakers on how best to end its stimulus programme.

rose 0.39% to C$1.2405, while fell 0.45% to Y110.61.