Forex - Dollar Steadies after Post-Fed Slide-SapForex24

The dollar stabilized against a basket of the other major currencies on Thursday, having slid after the Federal Reserve raised interest rates as expected, but left its interest rate projections for 2018 unchanged.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at 93.47.

The dollar was also on the back foot after U.S. core consumer price data released on Wednesday showed slowing inflation.

But hopes for progress on U.S. tax reform, including tax cuts, continued to lend support to the dollar.
The dollar pushed higher against the yen, with USD/JPY rising 0.19% to 112.76 after tumbling 0.9% on Wednesday.

The euro was little changed against the dollar, with EUR/USD at 1.1830, having advanced 0.7% the previous day.

In the euro zone, data on Thursday showed that the German economy grew at the fastest rate in more than six-and-a-half years in December, while a similar survey showed that the French economy also ended 2018 on a strong note.

Sterling edged higher, with GBP/USD rising 0.13% to 1.3432.

The Bank of England and the European Central Bank were to make their final monetary policy announcement of the year later in the day and are expected to hold rates steady.

Meanwhile, the Swiss National Bank left interest rates unchanged at a record low of minus 0.75% after its meeting on Thursday, and pledged to “remain active” in the foreign exchange market to prevent the Swiss franc becoming too strong.

The Swissy remained slightly lower against the euro and the dollar following the announcement, with USD/CHF at 0.9861 and EUR/CHF at 1.1670.

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Forex - Dollar Dips Before U.S. Tax Bill, Sterling Eyes Rate Decision-SapForex24

The dollar edged lower on Thursday as investors awaited the release of a U.S. tax bill after a one-day delay, while the pound pushed higher ahead of a Bank of England policy decision later in the day.

House Republicans were expected to release a tax bill later Thursday amid ongoing internal disagreements over how proposed tax cuts will be paid for.

Lawmakers have made plans for measures seeking up to $6 trillion in tax cuts over 10 years.
The dollar has been boosted in recent months by hopes that tax reforms could bolster growth, adding pressure on the Federal Reserve to raise interest rates, known as the "Trumpflation" trade.

The Fed left rates unchanged on Wednesday in a widely expected decision, but expectations for a December rate hike sharpened as officials noted “solid” economic growth and a tightening labor market.

Earlier Wednesday a strong ADP nonfarm payrolls report underlined the case for further monetary tightening.

Meanwhile, investors were awaiting an official White House announcement on President Donald Trump’s pick for the next Fed chairman. Recent reports have indicated that Trump is likely to appoint Fed Governor Jerome Powell, who is viewed as more dovish than other candidates.

The dollar was a touch lower against the yen, with USD/JPY last at 114.11, holding above an overnight low of 113.61.

The euro pushed higher, with EUR/USD rising 0.15% to 1.1635.

Sterling gained ground, with GBP/USD up 0.18% at 1.3269 ahead of a BoE meeting later in the day where the bank was widely expected to raise interest rates for the first time since 2007.

Investors will be focusing on the degree of consensus among policymakers as they try to gauge the likelihood of further rate hikes.

The pound was little changed against the euro, with EUR/GBP at 0.8770.

Meanwhile, the Australian and New Zealand dollars advanced, with AUD/USD adding 0.42% to 0.7709 and NZD/USD rising 0.38% to 0.6911.

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