The US dollar was seen pausing on its tracks on Monday. Lack of economic data saw the markets looking to the broader themes. President Trump is expected to announce his nomination for the next Federal Reserve Chair as Yellen’s term ends in February next year. Political developments on the day also saw the former campaign manager, Paul Manafort facing charges in the Russia scandal.
On the economic front, the Bank of Japan held its benchmark interest rates steady at today’s meeting. The central bank also retained its QE purchases steady signaling no change. The Japanese yen was seen trading stronger since Monday.
Looking ahead, the economic calendar today will see the Canadian GDP numbers. Economists estimate a 0.1% increase on the month in GDP. Later in the day, the BoC Governor Poloz is also expected to speak which brings some downside risks to the Canadian dollar. Later in the evening, New Zealand’s unemployment figures will be coming out. The unemployment rate is forecast to fall to 4.7% from 4.8% previously.
