© Reuters. Aussie gains in Asia
Investing.com — The Aussie gained in Asia on Wednesday with the opening of China’s party Congress provides some economic cues in the keynote speech of the President to say Xi Jinping on the outside: the market plays a decisive role in the economy.
AUD/USD trose 0.09% to 0.7852, while USD/JPY changed at 112.16, down 0.04%. EUR/USD traded 1.1770, up to 0.03%.
The US dollar index, the easier the measures the greenback’s strength against a trade-weighted basket of six major currencies, 0.03% 93.33.
Overnight, the dollar higher, the major currencies traded against a basket, driven by economic data that topped expectations point to the underlying strength of the US economy.
The dollar was to profits on course for a fourth-straight session, after a whole series of good economic activity derived from data by the expectation that the U.S. economy is on track for a strong quarter of growth.
U.S. import prices for the month of September recorded the largest increase in more than a year increases of 0.7% for the month, the labor Department said on Tuesday. That beat expectations of a 0.5% rise.
US industrial production rose by 0.3% in September, the construction-and service programs, the production recovered following the impact of hurricane Harvey and Irma last month, the Federal Reserve said on Tuesday. The production rose by 0.1% in September.
Also support a move higher in the dollar, an upward trend in US Treasury yields, according to a report from Bloomberg suggesting that President Donald Trump favors Stanford economist John Taylor as the next leader of the Fed.
«Taylor is considered one of the more radical candidates, taking into account his recent comments, and the significantly higher prices that would be implied a mechanistic interpretation of the rule,» wrote the analysts from Daiwa Capital Markets.
The strong rise in the dollar weighed on the pound and the euro both currencies in the session lows fell.
The expectations of the investors in the Bank of England’s November interest rate increase slightly relaxed, after the new Deputy Governor of the Bank of England Sir Dave Ramsden, said he was not part of the majority of the political decision-makers, preferably, an increase in interest rates.