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By Shinichi Saoshiro TOKYO, Jan 11 (Reuters) – The dollar trod water early on Wednesday, showing little inclination to move against major peers such as the euro and yen before U.S. President-elect Donald Trump fronts a news conference that could set the market’s near-term direction. The euro was flat at $1.0552 after brushing a 10-day high of $1.0628 overnight. The dollar was steady at 115.765 yen.
The greenback has suffered two days of losses against the safe-haven yen as investors braced for Trump’s news conference – his first since winning the election in November. Over the past two months, expectations that the Trump Administration would enact economic stimulus measures backed by massive fiscal spending have taken Wall Street to record highs, U.S. debt yields to levels unseen since 2014, and the dollar index to a 14-year peak. Against that backdrop, financial markets are keen to see how Trump will follow through on campaign pledges.
„The dollar is set to resume the Trump rally if he provides specifics of stimulus measures, notably those related to tax cuts, which appear achievable,” said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo. „On the other hand, the market is also focused on potential risk factors, like Trump taking a tough stance against China. That could prompt the dollar to fall against the yen.
” The dollar index was little changed at 102.04. Last week it had reached 103.82, its highest since December 2002, before pulling back to as low as 101.300. The pound was steady at $1.2174 after pulling away overnight from a two-month low of $1.2107. Worries about the terms of Britain’s departure from the European Union have kept the currency under heavy pressure this week. The Australian dollar was down 0.
1 percent at $0.7361 after popping up to $0.7385 overnight, its highest since mid-December. (Reporting by Shinichi Saoshiro; Editing – http://en.search.wordpress.com/?q=Editing by Eric Meijer)
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