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The US dollar shrugged off a burden of uncertainty after the midterm congressional elections. Now the greenback finds support from a policy meeting of the Federal Reserve.
Market participants do not expect a rate hike this month. The hawkish rhetoric on further monetary tightening could encourage investors to open long bets on the US currency.
In the early Wall Street session, the US dollar index climbed almost 40 pips to trade at about 96.20.
The US dollar strengthened to a greater extent in the Asian trade. The dollar/yen pair gained 70 pips and later corrected downward to 113.60. Today Japan presented a report on machine orders which fell short of expectations.
Macroeconomic data from China also missed market expectations. Foreign trade balance posted a surplus of almost 34 billion US dollars in October, surpassing the previous print. Analysts had expected a surplus of 35 billion dollars. Investors cheered robust exports which increased more-than-expected by 15.6%, stronger than the forecast for an 11% gain. Imports surged 21.4% from 14.3% earlier.
The Australian dollar also revealed interesting market moves. After the upbeat trade data from China, the AUD/USD pair rebounded above 0.7280.
Now traders are anticipating a policy update from the Federal Open Market Committee. However, analysts warn traders against hasty decisions on long positions. On Friday, the US is due to release data of major importance which could hinder the greenback’s advance.
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