The common currency which opened Monday on a weaker note was seen attempting to pare losses. The declines in the currency pair came as investors remained hopeful that Trump will push through with his proposed tax reforms. Rumors that the President will be nominating a new Fed Chair also sent investors optimistic on the US dollar.
On the economic front, data was quiet yesterday. Politics remained at the forefront with investors digesting the weekend victory of Abe and the ongoing political turmoil from Spain. The Kiwi dollar was seen coming under pressure yet again as the coalition details between the Labor party and the NZ First Party was released.
Looking ahead, the economic calendar today will be dominated by data from the Eurozone. Flash manufacturing and services PMI numbers are expected to be released. In the US the Markit’s flash manufacturing and services PMI numbers for October will also be coming out.
