The US Dollar was mainly lower in Asian trading this morning, as many investors prefered to stay on the sidelines awaiting the outcome of a busy few days for data releases.
With markets closed in both South Korea and China and a lack of any key data releases from the Asia region, trade volumes were low across the board. Many investors are looking ahead to a speech by Federal Reserve chair Janet Yellen later today (Wednesday). Yellen finds her position under threat with Fed governor Kevin Warsh and Fed Governor Jerome Powell reportedly on a shortlist of candidates to succeed the under-pressure Janet Yellen.
The US dollar was lower against most currency pairings. Against the Euro, the USD was down 0.23%, against the GBP, the USD was down 0.24% whilst against the Japanese Yen, the US Dollar was 0.27% lower. The USD was also lower against its Dollar cousins, down 0.17% against the CAD and down 0.31% against the Australian Dollar. The US dollar index which measures the greenback against a basket of six weighted currencies is down 0.22% at time of writing.
Limiting the losses in the US Dollar are a growing expectation that the Federal Reserve will raise interest rates in December’s Fed meeting. However, the immediate focus for investors is the speech by Yellen at the Community Banking in the 21st Century Conference later today and the release of the key NFP data on Friday.