Dollar edges higher
Investing.com — The Dollar edges higher in early Asia on Wednesday with the manufacture of measuring devices, which are expected from Australia, Japan, and China, among others, that the sound.
In Australia, the AIG Manufacturing index due to a previous reading of 54.2. As well, the seen in Japan, manufacturing PMI, with a reading of 52.5, together with the China Caixin/Markit PMI is more with a steady reading of 51.0 expected.
AUD/USD 0.7656, flat, while USD/JPY changed hands at 113.68, up to 0.03%.
The US dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last up quoted by 0.07% to 94.45.
Overnight, the dollar traded modestly higher against a basket of major currencies, driven by a pair of economic reports on manufacturing growth and consumer confidence exceeded expectations, the underlying strength of the US economy.
Investors-Outlook on the US economy continue to be bullish, as consumer confidence rose to the highest level since 2008, while the economic activity in the Chicago area jumped to a six-and-a-half-year high in October.
The Conference Board’s consumer confidence gauge rose to 125.9 in October to EUR 119.8 in September, beating economists forecast for a reading of 121.
The consumer confidence spending is a leading indicator of the consumer, which plays an important role in the economic activity.
The Chicago Purchasing Managers’ Index (PMI) increased to 66.2, the September reading of 65.2. The exceeded expectations for a reading of 61. As an early indicator of the U.S. economy, the Chicago PMI economists measure helps the business activity and new orders.
The duo reports to come, as the Federal Open Market Committee two-day meeting began on Tuesday with an interest rate decision scheduled for Wednesday.
The dollar has struggled to add to recent gains as investors expected more hints on the monetary policy of the Fed and President Donald Trump on the election of the candidate at the top of the Fed in February.
A rise in the pound, meanwhile, covered the head in the greenback amid growing expectations that the Bank of England Hiking interest rates for the first time in more than a decade on Thursday.