Daily

Daily Currency Market Update:


HIGHLIGHTS:

The dollar moved higher against a currency basket on Thursday as investors turned their attention to a monetary policy announcement from the Federal Reserve later in the day, while the pound remained supported above the 1.30 level on Brexit optimism. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.18% to 95.98 by 04:01 AM ET (09:01 AM GMT). The dollar regained ground after sliding in the previous session as the prospect of gridlock in Washington in the wake of midterm elections looked likely to significantly curtail President Donald Trump’s legislative agenda. The greenback has strengthened broadly this year, boosted by a robust domestic economy, rising interest rates and the effects of U.S. fiscal policy. The Fed was expected to leave interest rates on hold later Thursday, with the next rate hike expected in December, but its views on the U.S. economic outlook could move markets.

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