Dollar ends little changed ahead of Fed's 2-day meeting7

 Market Review - 11/12/2017   23:27GMT  

Dollar ends little changed ahead of Fed's 2-day meeting

Although the greenback was broadly lower against majority of its peers in Asian n European trading on Monday following last week's five-day winning streak as investors took profit, dollar pared intra-day losses in New York afternoon session as investors looked ahead to Fed's final meeting for the year which starts on Tue and ended the session flat.  
  
Versus the Japanese yen, price initially rose above last Friday's peak at 113.59 to a fresh 3-week high at 113.69 in Asian morning. However, profit taking capped intra-day gain and pushed price lower on broad-based yen buying. The pair remained under pressure in Europe and hit session lows of 113.25 on news of attempted terrorist attack ahead of New York open. Later, dollar pated intra-day loss on rising U.S. yields and climbed back to 113.58 near the close.  
  
Reuters reported the New York Police Department was responding to reports of an explosion of unknown origin on Monday morning in midtown Manhattan at 42nd Street and 8th Avenue, according to the police department's official Twitter feed.   
  
The single currency extended gain from last Friday's 2-1/2-week low at 1.1730 to 1.1802 in European afternoon on back of buying in eur/gbp cross before a brief pullback to 1.1776 in Europe. However, renewed buying emerged and pushed price to session highs of 1.1812 in New York morning but selling interest below 1.1814 res quickly knocked price lower, euro later retreated to 1.1765 ahead of New York close.  
  
Sterling continued to swing wildly in choppy Monday trading. Although the British pound briefly rose to 1.3432 at European open, price erased intra-day gains and fell to 1.3342 n cross-selling of sterling especially versus euro. Despite a recovery to 1.3398, cable later edged lower to session lows of 1.3332 in New York afternoon due to broad-based rebound in usd.  
  
In other news, Reuters reported several lawmakers, including members of the governing Conservative Party, have challenged May's government over its plans to copy and paste EU rules into British legislation under the EU Withdrawal Bill, saying they give ministers power to change laws without the agreement of parliament.  
  
Data to be released on Tuesday:  
  
Japan CGPI, tertiary industry index, Australia NAB business conditions, NAB business confidence, house price, France non-farm payrolls, U.K. DCLG house price, CPI, core CPI, RPI, core RPI, PPI input prices, PPI output prices, PPI core output, EU ZEW economic sentiment, Germany ZEW economic sentiment, ZEW current conditions, and U.S. PPI, core PPI, redbook, federal budget.