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Daily Morning Report 03-02-2017 by Traderstrust

The dollar was steady against other major currencies on Today, as investors eyed the release of a key U.S. employment report due later in the day and were still digesting the Federal Reserve’s most recent policy statement.

EURUSD was little changed at 1.0758, off the previous session’s eight-week high of 1.0829.

The greenback had weakened broadly after Fed policymakers said that some market-based measures of inflation were still low, although the central bank also said that job creations remained solid, inflation had increased and economic confidence was rising.

The comments came after the Fed left interest rates unchanged at the end of its two-day policy meeting on Wednesday, in a widely expected move.

The U.S. dollar has also been under pressure in recent weeks due to U.S. President Donald Trump’s protectionist policies and immigration bans, spurring ongoing uncertainty in global markets.

On Thursday, Trump suggested the possibility of imposing new sanctions on multiple Iranian entities, seeking to increase pressure on Tehran.

GBPUSD was steady at 1.2522.

Elsewhere, USD/JPY rose 0.24% to trade at 113.07, off Thursday’s two-month lows of 112.03.

The yen tumbled after the Bank of Japan offered to buy benchmark 10-year Japanese government bonds in a special operation on Friday, aimed at keeping the 10-year yield at its target of around zero percent.

Elsewhere, data on Today showed that China’s Caixin manufacturing purchasing managers’ index ticked down to 51.0 in January from 51.9 the previous month. Analysts had expected the index to slip to 51.8 last month.

The data fueled fresh concerns over a slowdown in the world’s second biggest economy.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 99.88, off Thursday’s two-and-a-half month trough of 99.19.

Source: www.traders-trust.com

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