GulfBase Live Support
13/02/2017 05:54 AST
The dollar was poised for its first weekly advance of the year after extending gains that accelerated Thursday when President Trump re-energised the “Trump trade” with talk of a “phenomenal” announcement on tax reform within two to three weeks.
The Bloomberg dollar index was up -0.1 per cent and trading near its high of the week. The greenback was underpinned by a modest rise in Treasury yields, which edged higher after data showed January import prices rose by 0.4 per cent, beating estimates for a 0.3 per cent gain.
Fed chair Yellen delivers semi-annual testimony to Congress next week, which will be parsed for clues on the timing of the 2-3 rate hikes that the Fed has said it expects to deliver in 2017. The Fed’s next policy decision comes on March 15.
Traders say that Trump’s declaration yesterday may signal progress toward the promise of fiscal stimulus that had driven expectations of faster economic growth and underpinned the dollar. With little news on that front since the start of the year, the Trump trade has languished.
Trading flows have slowed since the start of Friday’s session, and some may be hesitant to step in a head of a press conference at 1pm ET with Trump and Japan PM Abe in Washington, a trader in Toronto said.
Gulfnews
US Dollar | 1.00 |
Saudi Riyal | 3.75 |
Derham Emirati | 3.67 |
Qatari Riyal | 3.65 |
Kuwaiti Dinar | 0.30 |
Bahraini Dinar | 0.38 |
Omani Riyal | 0.39 |
Euro | 0.81 |
British Pound | 0.71 |
Japanese Yen | 104.70 |
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