Dollar ends mixed after intra-day swings as market awaits Trump's news conference: 11 Jan 2017

Market Review - 10/01/2017  22:23GMT 

Dollar ends mixed after intra-day swings as market awaits Trump's news conference

The greenback traded in a mixed manner against majority of its peers on Tuesday as traders preferred to remain on the sidelines ahead of President-elect Donald Trump's first news conference on Wednesday. 

Versus the Japanese yen, despite rebounding from Australian low at 115.66 to 116.21 in Asian morning, the greenback dropped sharply to session low at 115.20 in Asia. However, dollar pared its losses and rose to an intra-day high at 116.34 at New York open on its broad-based strength before retreating again to 115.29 in New York morning. 

Although the single currency rose to session high at 1.0627 in Asian morning on cross-buying of euro especially vs sterling, price pared its gains and dropped to 1.0559 at New York open on dollar's rebound. However, euro found renewed support there ans staged a rebound to 1.0604 in New York morning but only to fall to 1.0552 as usd's gained renewed buying interest in New York afternoon. 

The British pound traded sideways in Asia and briefly edged up to 1.2180 before resuming its recent losing streak and dropping to a fresh 10-week trough at 1.2107 in European morning on broad-based selling of sterling. However, cable pared its losses and staged a short-covering rebound to session highs of 1.2190 in New York morning before retreating in tandem with euro. 

In other news, UK Foreign Min Johnson said 'wud be the height of insanity to imperil mutual trade relations with Germany; clear that there is wide measure of agreement with U.S. on challenges we face; there is huge fund of goodwill for the UK on Capitol Hill, measure of understanding that now is time to do free trade deal.' 

On the data front, U.S. Wholesale Inventories rose to a seasonally adjusted annual rate of 1.0%, from 0.9% in the preceding quarter. Analysts had expected U.S. Wholesale Inventories to rise 0.9% in the last quarter. 

Data to be released on Wednesday: 

Australia consumer sentiment, Japan leading indicator, UK construction output, industrial output, manufacturing output, trade balance and Canada housing starts. President Donald Trump will hold his first press conference in 2017 around 16:00GMT.  

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