Forex — Dollar Holds steady, eyes on Fed-replacement

© Reuters. Dollar little changed against rivals, U.S. data — The dollar held steady against other major colleagues on the Thursday before the last session, more than one-week highs triggered by speculation about the next head of the Federal Reserve, as investors eyed upcoming U.S. economic data reports.

The greenback, the following reports had strengthened broadly earlier in the week, the US President, Donald Trump has been replace in favor of Stanford economist John Taylor, the Federal Reserve chair Janet Yellen in the next year. Taylor is more than radical, as it is the current Yellen.

But the dollar turned lower after data showed on Wednesday that U.S. housing starts hit a one-year low in September, while building permits slumped.

Market participants with a view to reports in the US initial claims for unemployment benefits and manufacturing activity due later in the day for further indications on the strength of the economy.

EUR/USD added 0.11% to 1.1800, while GBP/USD held steady at 1.3205 before the UK retail sales data later on Thursday is expected.

The yen was lower, with USD/JPY up 0.09% at 113.04, only as of Wednesday, more than one-week high of 113.09, while USD/CHF was little changed at 113.03.

Investors in Japan looked at were the General elections scheduled on Sunday. According to most polls, Prime Minister Shinzo Abe’s coalition is on the way to a safe two-thirds majority.

The Australian dollar was slightly higher, with AUD/USD up 0.08% at 0.7852, while the NZD/USD 1.19% fell to 0.7065, the lowest level since October 10.

Earlier in the day, the Australian Bureau of Statistics said that the number of employed people increased by 19,800 in September, beating expectations for an increase of 15,000.

The unemployment rate ticked down to 5.5% last month from 5.6% in August.

Also Thursday, data showed that China’s gross domestic product expanded by 1.7% in the thid quarter, in line with expecations.

The US dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 93.25 from 02:15 PM ET (06:15 GMT), Wednesday is a one-and-a-hald week high of 93.65.

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