Dollar Steadies Ahead of Key Vote

The US Dollar steadied against the common currency Euro as FX markets await a key vote on Trump’s healthcare plan in the U.S. Congress. Many see this as a litmus test for the President and this, above all others, has become a contentious plan with opponents on both sides of the aisle. Analysts say that if Trump cannot find the votes for healthcare, then they are dubious that he will be able to find the votes for tax reform.

As reported at 9:47 am (GMT) in London, the EUR/USD was trading at $1.0775, down 0.18% and near to the session low at $1.0771. The GBP/USD was trading at $1.2503, up 0.18%; the pair’s range for the session is $1.2515 at the high end and $1.2463 at the low. The USD/JPY was down 0.19% at 111.025 Yen.

Look Ahead for Thursday

Ahead of this afternoon’s healthcare vote in the US, markets will be watching the results of the ECB’s LTRO target, then later in the day attention will turn to a speech by Fed chair Janet Yellen. In the UK, the latest economic data showed that retail sales beat expectations in February. The UK is still reeling from a deadly attack at Westminster yesterday, and the British Prime Minister Theresa May will be speaking later this morning on that attack.

Barbara Zigah

After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.