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On Tuesday, the Australian and New Zealand dollars managed to jump versus the greenback, while worries over the tempo of upcoming American rate lifts kept putting pressure on demand for the US currency.
The currency pair AUD/USD gained 0.11% hitting 0.7609.
Market sentiment on the US dollar was still vulnerable after the previous week's minutes of the Fed’s November gathering showed that some Fed officials worried that US inflation would stay below the Fed’s 2% objective for longer than anticipated.
Market participants were also closely watching Tuesday’s confirmation hearing for Fed Chair candidate Jerome Powell, with expectations he might provide some extra clues on future policy decisions.
Additionally, investors also kept focusing on a potential American tax reform plan. On Tuesday, Donald Trump was braced for meeting Senate Republicans to negotiate the party's efforts to have tax reform legislation passed.
The currency pair NZD/USD rallied 0.26% being worth 0.6933, which is the highest value since October 11.
Reportedly, the ECB is analyzing the possibility of the change of the current inflation target of "below but close to 2%". It weakened the EUR
What is important today?
USD/SGD rises as the indicators disappoint the market.
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…
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