(03 November 2017)DAILY MARKET BRIEF 1:USD flat-lined amid Fed Chair nomination, tax plan in focus

The nomination of Jerome Powell as next Federal Reserve Chairman came as no surprise. The US dollar barely reacted to the news. The US Dollar Index treaded water within its weekly range, between 94.4 and 95. Donald Trump definitely made the choice of stability and continuity by choosing the New York republican Fed President. The USD edged slightly lower after the announcement as investors discounted completely the risk that a more hawkish candidate will replace Yellen. Similarly, US yields lost some ground yesterday, especially on the long-end of the curve. The 10-year eased to 2.35%, while the 30-year returned to 2.83%.

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