Forex — Dollar Weaker Against Yen In Asia, the Fed Pick Expected, EUR/USD Up

© Reuters. Yen gains in Asia — The dollar held weaker against the yen on Thursday in Asian investors an announcement on the new Fed chief, President Donald Trump, possibly this week.

USD/JPY changed hands at 113.41, down 0.30%, while AUD/USD traded 0.7711, ip-0.10%. EUR/USD traded 1.1829, up 0.14%.

The US dollar index, which fell to the measures the greenback’s strength against a trade-weighted basket of six major currencies, 0.13% to 93.41.

Overnight, the dollar fell against a basket of major currencies on Wednesday after data showing that new home sales hit a nearly 10-year high
was offset by strong gains in sterling in the midst of bullish UK economic growth.

The Commerce Department said on Wednesday non-defense capital goods orders excluding aircraft, a closely watched proxy for business
Spending plans, rose by 1.3% last month, beating the forecast of a rise of 1%.

In a separate report, the Commerce Department, sales of existing homes showed increased from 18.9% in September compared to the previous month to a
the seasonally adjusted annual rate of 667,000 units. Economists in a 0.9% expected decrease of 555,000 homes.

The mood on the dollar, supported by growing expectations that a less quiet Fed would be appointed Chairman, in the midst of several reports suggesting that the Stanford University economist John Taylor impressed US President Donald Trump in his interview with the leadership of the Fed.

Taylor preferred a rule-based approach to monetary policy, which means, given the current level of inflation and economic growth, the prices
should be higher than they are now.

The prospect of more hawkish Fed’s bullish economic data, could not help the dollar losses to shake off against both the pound sterling and the euro.

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