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Dollar settled after US health care vote postponed

News Date: 24/3/2017 03:49:14
 

The US dollar steadied near a one-and-a-half-month low on Friday early trades, after a vote on the Obamacare program was postponed, raising doubts about US President Donald Trump's ability to pass the bill on Congress.

At 04:00 GMT, the USDIX rose 0.16 to trade at 99.72.

Trump failed on Thursday to reach an agreement with Republican lawmakers on how to repeal and replace the Obamacare program, forcing to postpone voting on the health care bill.

Market participants see the vote on the Obamacare bill as an introduction to Trump's victory in passing a number of policies that support US economic growth. Winning a vote on Obamacare is a very difficult test for Trump. If he can not pass the bill, this will delay the adoption of other policies, such as tax cuts and infrastructure spending.

Even Trump's success in passing the health care bill, any upside will be limited on the dollar, because there are many other outstanding issues that Trump must tackle like tax reforms.

Today, we are waiting US Core durable goods orders which expected  to rise 0.5% from the previous 0.0%. The growth of this index is very important as it indicates the growth of production levels. The higher orders indicate increase manufacturers activity to fill the orders, A higher than expected rise in the index will give the US dollar strength to rise today.

The US dollar struggled throughout this week amid increasing doubts about Trump's ability to pass policies supporting US economic growth, which in turn pushed US and global equity indices to a significant decline and prompted investors to buy low-yielding assets as a safe haven.

The USD / JPY pair continued its decline yesterday, reaching new lows below 111, with a low of 110.62.

The pair is trying to recover during the Asian session, trimming yesterday's losses, following a clear bias from investors to buy yen a safe haven.

The US Dollar rose 0.29% to hit levels around 111.30 against the Japanese Yen.

The euro was steady near 1.08 levels against the US dollar, amid growing expectations that French anti-euro candidate Marin Le Pen will be lose in the forthcoming French presidential elections, and with growing talks of a possible tightening of monetary policy by the ECB.

The euro fell 0.18% to trade around 1.0767 against the US dollar.

The advanced reading of PMI manufacturing and Service for March in France, Germany and the Eurozone will be released today. This reading has minor impact on the currency as its a second reading. It is not expected to revise, this will not affect the Euro , the only case that will have a major impact on the euro if the reading significantly revised from the preliminary reading. 

Sponsored by: CloudsIndex.com 

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