The U.S. dollar strengthened against the other major currencies in the late Asian session on Thursday amid speculation that the Fed is likely to hike rates next month.
Traders are expecting more U.S. growth and inflation, if the Trump’s administration enacts fiscal stimulus as promised.
Investors are also awaiting for clues regarding the December hike from the remarks by Federal Reserve Chair Janet Yellen, who is due to testify about the economic outlook before Congress’s Joint Economic Committee, later in the day. They will also be curious what if anything Yellen has to say about the unexpected victory of Donald Trump in the U.S. presidential election last week.
The release of the U.S. consumer price index, weekly jobless claims, housing starts and the Philly Fed index are largely awaited.
In the Asian trading today, the U.S. dollar held steady against its major rivals.