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Dollar awaits crucial day ahead of voting on Obamacare

News Date: 23/3/2017 03:27:36
 

The dollar still roam near its lowest level in six weeks on early Thursday trades, despite the serious attempts by US President Donald Trump to pass the health care program, which is expected weigh on any recovery in the US dollar today.

Federal Reserve Chairman Janet Yellen will make its comments later on today, and expectations not give any new statement about monetary policy, which makes the upside potential on dollar today very difficult .

At 04:00 GMT, the US Dollar Index (USDIX) was steady at 99.56.

The US dollar is struggling this week with ongoing concerns about Trump's ability to pass policies supporting the US economy, which in turn has pushed US dollar and global equities to decline significantly and prompted investors to buy low-yielding assets as a safe haven.

The financial markets are currently highlighting Trump's ability to gather enough support to vote on passing the health care bill, one of the key pledges in his campaign, especially as Trump faces resistance from some conservatives republicans who see the program as no different from Obamacare, which President Barack Obama has long tried to ratify from Congress.

The vote on Obamacare today is a critical test for Trump, and if he can not pass the health care bill (Obamacare) as promised, it would increase the negative pressure on global stock indexes. Because Its raise concerns about delaying the adoption of other policies, such as tax cuts.

US stocks rebounded overnight, trying to trim losses on Tuesday. The Dow Jones Industrial Average was closed down 0.03%, while the S&P 500 rose 0.19%. The Nasdaq gains 0.48%.

So today's vote is very important for currency markets as global equities fall due to the fall in risk appetite this week -US stock indexes faced their worst day since the Trump elections-especially, US dollar struggled against the yen, which investors often seek safe haven In times of turbulent on the markets.

The USD / JPY pair continued to decline, reaching new lows below 111,yesterday`s low was 110.72.

The USDJPY pair now is hovering around opening price at 111.35.

The recent rally in the JPY appears to be accompanied by a tendency to buy it as a safe haven, and this sentiment in the markets is likely to continue in the short term.

The EUR / USD pair continues to struggle attempts breaching 1.08 resistance levels, drawing strength from growing talk about the ECB's tightening monetary policy and the expected defeat of French candidate Marin Le Pen in the French presidential elections.

The Euro is trading near the opening price of 1.0790 against the US Dollar.

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