Greenback holds upper hand as markets digest Fed choice

Greenback holds upper hand as markets digest Fed choice

On Wednesday, the evergreen buck held an upper hand versus other key currencies because market participants weigh the possibility that Donald Trump will opt for a more hawkish Fed chief than Janet Yellen, the current chair.

The US dollar index kept to 93.475. It managed to extend its rebound from Friday's 2 1/2-week minimum of 92.749. On Tuesday, it grew to 93.729.

With the major US bank actually expected to lift interest rates for the third time in 2017 in December, financial markets are currently looking to who’s going to head the Fed after Yellen's term comes to its end next February.

Having a pool of five nominees to choose from for the next Fed Chair, Donald Trump is expected to unveil his choice before leaving for Asia in early November, according to a source already familiar with the situation.

As the evergreen buck soared broadly, while the common currency dipped to $1.1770, being nearly intact during early Asia trade.

 

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