Another Positive Day for The Greenback
US dollar was able to stay in the green for another day as most market watchers focus on U.S. CPI data due later on Thursday by the U.S. Federal Reserve as it considers when to next raise interest rates. The market focus has also shifted to President Trump’s tax-reform plan, which helped to rejuvenate appetite for the US dollar and riskier assets.
Dollar Holds Near 4-week High vs Yen
The dollar held steady near a four-week high against the yen on Thursday, with traders looking to U.S. consumer inflation data later in the day for clues on the possible timing of the Federal Reserve’s next rate rise. The dollar last stood at 110.59 yen, trading within sight of its highest level since Aug. 16 of 110.69 yen.
Sterling Steady Before BoE Monetary Policy Decision
Sterling held steady at $1.3211 after setting a one-year high of $1.3329 On Wednesday, as investors took profits before the Bank of England policy decision and the Swiss National Bank due later on Thursday.
Crude Oil Chalks Up More Gains
Crude oil prices surged over 2% as the International Energy Agency (IEA) noted that the combination of the output drop from the OPEC and the expected pickup in global demand could keep crude oil prices supported and rebalance inventories. The rebound in the oil price over the last few days also reflects expectations of resumed demand from Major Gulf Coast restarted operating refineries after they were shut down due to Hurricane Harvey.