Forex

Dollar unchanged after disappointing U.S. data; Investors await Dudley’s comment

dollar-on-the-lookout

The U.S. dollar remained stable against its opposing currencies on Monday’s session following the released economic figures in the nation seemed to be down. Investors are currently anticipating the statement of a top official from the Federal Reserve.

The statement of Fed President in New York William Dudley was the markets center of attention as of today, the comments is widely believed to support the U.S currency. William Dudley being a close ally of Janet Yellen, is set to take part in a discussion with business leaders in Plattsburgh, New York. Mizuho Securities’ chief forex strategist Masafumi Yamamoto said that in the midst of the poor figures released last Friday, Dudley could give understanding if the Fed would still go through tightening monetary policy.

Dudley could also support in clarifying why the U.S. Federal Reserves seemed to ignore a series of inflation readings as it paraded with a rigid policy on the previous week.

Looking at the greenbacks performance, it edged higher by 0.1 percent versus yen at 110.955, the euro was marginally moved at $1.1204 after rising as much as 0.5 percent last Friday, while the British pound remained unchanged at $1.2777.

The U.S. dollar index was 0.05 percent lower at 97.108 versus its major opposing currencies. The index jumped to its two-week high of 97.560 last week following the news that the Federal Reserve have incited an interest rate hike and still opened the possibilities for one more hike this year. However the rally was disrupted by the unexpectedly weaker housing and consumer sentiment figures last Friday.

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