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Dollar index

FOREX_dollar-index-sputters-ahead1707_FXPIG

The U.S. dollar index sputtered around the unchanged line Tuesday as investors readied for Federal Reserve commentary on the interest-rate gap that sets the buck above its major counterparts so far this year.

The dollar’s moves were limited ahead of a congressional appearance by Fed Chairman Jerome Powell, at which most analysts think he will defend a pace of one interest-rate hike every three months.

Powell begins his testimony to the Senate Banking Committee at 10 a.m. Eastern Time. The Fed chairman is due to appear before the House Financial Services panel on Wednesday. He’ll speak on a morning that includes industrial production and capacity utilization data for June, due out at 9:15 a.m. Eastern, followed by the home builder’s index for July at 10 a.m. Eastern.

The ICE U.S. dollar index DXY, +0.24% which measures the buck against a basket of six other currencies, most prominently the euro, was last down 0.1% at 94.468. It remains up 2.4% so far this year. Euro-dollar traded at $1.1723 compared to $1.1711 late Monday in New York.

The broader WSJ Dollar Index BUXX, +0.29%  was little changed near 88.25.

Even with interest rates long priced into the market, the dollar’s sluggishness of late could open the door to more weakness, most noticeably against the yen, said Hans Redeker and the currency strategy team at Morgan Stanley, in a note.

Dollar-yen “upside looks limited, with the pair barely moving despite the bear steepening of the U.S. yield curve and broad dollar weakness,” they said. “The failure to break 112.80 again may entrench a point of resistance.”

Dollar-yen USDJPY, +0.55% was last changing hands at ¥112.46 compared to ¥112.28 late Monday.

Sterling, meanwhile, firmed but held near eight-month lows on Tuesday as it suffered amid a growing rift within Prime Minister Theresa May’s Conservative Party over Brexit. With less than nine months to go until the U.K. leaves the European Union, the pressure is on to chart the course for trade, financial transactions and more, and is posing a fresh headwind for the pound.

May late Monday narrowly won support in the House of Commons for changes related to trade in the bill that will take the U.K. out of the EU. May accepted amendments sought by anti-EU members of her Conservative Party, including one that would keep the U.K. from collecting tariffs for the EU, and May’s move raised the ire of pro-EU members of her party.

The British currency traded around $1.3242 versus $1.3236 Monday and was lower against the euro at €1.1297 versus €1.1302. It hit a low of $1.3050 in late June, its weakest since last November.

Source: marketwatch.com

The U.S. dollar index sputtered around the unchanged line Tuesday as investors readied for Federal Reserve commentary on the interest-rate gap that sets the buck above its major counterparts so far this year.

The dollar’s moves were limited ahead of a congressional appearance by Fed Chairman Jerome Powell, at which most analysts think he will defend a pace of one interest-rate hike every three months.

Powell begins his testimony to the Senate Banking Committee at 10 a.m. Eastern Time. The Fed chairman is due to appear before the House Financial Services panel on Wednesday. He’ll speak on a morning that includes industrial production and capacity utilization data for June, due out at 9:15 a.m. Eastern, followed by the home builder’s index for July at 10 a.m. Eastern.

The ICE U.S. dollar index DXY, +0.24% which measures the buck against a basket of six other currencies, most prominently the euro, was last down 0.1% at 94.468. It remains up 2.4% so far this year. Euro-dollar traded at $1.1723 compared to $1.1711 late Monday in New York.

The broader WSJ Dollar Index BUXX, +0.29%  was little changed near 88.25.

Even with interest rates long priced into the market, the dollar’s sluggishness of late could open the door to more weakness, most noticeably against the yen, said Hans Redeker and the currency strategy team at Morgan Stanley, in a note.

Dollar-yen “upside looks limited, with the pair barely moving despite the bear steepening of the U.S. yield curve and broad dollar weakness,” they said. “The failure to break 112.80 again may entrench a point of resistance.”

Dollar-yen USDJPY, +0.55% was last changing hands at ¥112.46 compared to ¥112.28 late Monday.

Sterling, meanwhile, firmed but held near eight-month lows on Tuesday as it suffered amid a growing rift within Prime Minister Theresa May’s Conservative Party over Brexit. With less than nine months to go until the U.K. leaves the European Union, the pressure is on to chart the course for trade, financial transactions and more, and is posing a fresh headwind for the pound.

May late Monday narrowly won support in the House of Commons for changes related to trade in the bill that will take the U.K. out of the EU. May accepted amendments sought by anti-EU members of her Conservative Party, including one that would keep the U.K. from collecting tariffs for the EU, and May’s move raised the ire of pro-EU members of her party.

The British currency traded around $1.3242 versus $1.3236 Monday and was lower against the euro at €1.1297 versus €1.1302. It hit a low of $1.3050 in late June, its weakest since last November.

Source: marketwatch.com

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