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Mid-Week Dollar Commentary: U.S. Dollar up a Fraction as Trump meets with Kim Jong Un in Vietnam

By Jay and Julie Hawk of 

The U.S. Dollar Index (DXY) traded up a fraction today as U.S. President Trump prepared to meet with North Korean leader Kim Jong Un in Hanoi, the capital of North Vietnam. Also affecting the Greenback was Fed Chair Jerome Powell’s testimony before the House Financial Services Committee. Powell announced the Fed’s decision to end the reduction of bond holdings on its $4 trillion balance sheet. Powell stated that, “My guess is we’ll be announcing something fairly soon.”

Elsewhere, Sterling gained sharply on optimism that the risk of a no-deal Brexit was diminishing as support increased for UK PM May’s Brexit deal. Also, the commodity currencies were pressured by a lower than expected Australian Construction Work Done number that declined by -3.1% compared to an expected  increase of +0.6%. Weighting on the Loonie was news that Canadian CPI increased just +0.1% versus a consensus of +0.2%.

Numbers still to be released this week include: New Zealand ANZ Business Confidence (-24.1 last), Australian Private Capital Expenditure (+0.8) and U.S Advance GDP (+2.6%) on Thursday. Friday’s highlights include a speech by Fed Chair Jerome Powell, Canadian GDP (0.0%) and U.S. ISM Manufacturing PMI (56.0).



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