The US Dollar came under pressure during the speech by US President Trump, but resumed its rally as the market switched its focus back to the hawkish comments by several Fed members. Trump failed to deliver details about his planned economic plan, but there was not much of a reaction in the stock market. S&P 500 futures were only slightly lower, and most of the Asian indices are up on the day.
Meanwhile, the Dollar remains strong as the market sees a rate hike this month as possible. EUR/USD fell from 1.0590 back to 1.0550, and USD/JPY rallied to a high of 113.60 so far. USD/CAD had a significant rally as well. The pair rose from 1.3160 in yesterday's early NY session to a high of 1.3310 and extended gains to 1.3325 in Asia. If the focus remains on the Fed instead of Trump, the Dollar could rise further.
The Australian Dollar fell slightly amid the broad USD strength, but less than its peers. GDP data was strong and beat expectations, which supported the currency.
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