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Dollar hits 2 week high

The dollar was trading near two-week highs against a basket of the other major currencies on Tuesday as speculation over who will be the next the chairman of the Federal Reserve continued.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 93.75.

President Donald Trump told reporters on Monday he is “very, very close” to deciding who should lead the Fed after interviewing five candidates for the position.
They include current Fed Chair Janet Yellen, whose term expires in February, as well as Fed Governor Jerome Powell, Stanford University economist John Taylor, Trump’s chief economic advisor Gary Cohn, and former Fed Governor Kevin Warsh.

The dollar was boosted on Monday by expectations for U.S tax reforms after President Trump said Sunday that he was optimistic Congress would pass a tax plan he could sign by year’s end.

Data today showed that euro zone private sector activity continued to expand steadily in October.

Sterling is a touch lower, after Bank of England Deputy Governor Sir Jon Cunliffe warned that with UK economy suffering weak growth it is an “open question” whether the bank will raise borrowing costs on 2nd November.

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