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USD Stable, Gains vs. European Currencies amid Next Fed Chief Speculations

October 17, 2017 at 18:16 by Vladimir Vyun

A heap of hundred dollars US billsThe US dollar was stable today against its most-traded rivals but gained on the European currencies, including the euro and the Great Britain pound. The greenback got support from rumors that the next leader of the Federal Reserve may be a hawk.

The term of the incumbent Fed Chairperson Janet Yellen will come to an end in February. Now, US President Donald Trump talks with the candidates for the post to determine the most appropriate one. According to Bloomberg report, Stanford University economist John Taylor impressed him during the interview for the position. Markets consider Taylor to be a hawk, meaning prospects for his appointment are bullish for the dollar.

Currently, the probability of an interest rate hike from the Fed in December is more than 90% according to CME FedWatch. Moreover, chances of another hike by March are at about 40%.

EUR/USD traded at 1.1773 as of 18:14 GMT today after opening at 1.1795 and falling to the daily low of 1.1735.b GBP/USD declined from 1.3249 to 1.3187. USD/JPY was near its opening level of 112.18.

If you have any questions, comments, or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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