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Dollar, Aussie Steady as Canadian Dollar Gains Ahead of Fed Decision

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The dollar and Aussie were steady on Wednesday as the Canadian dollar gained ahead of the Federal Reserve’s monetary policy decision.

The Federal Reserve is expected to raise rates at the conclusion of its meeting later today. The central bank will also deliver its updated economic forecasts.

Markets will be looking for signals on the inflation outlook and the number of rate hikes projected for 2017.

Higher interest rates benefit the dollar by making it more attractive to yield-seeking investors.

The euro was virtually unchanged against the dollar at 1.0631. The pound held at 1.2647 against the greenback.

The U.K. Office for National Statistics announced on Wednesday that the unemployment rate was unchanged at 4.8%, an 11-year low, in the three months ended October. The figure was in line with expectations.

The number of unemployment claims rose by 2,400 last months, lower than the expected 5,500 claimants projected. The number of claimants rose by 13,300 the previous month.

The average earnings index increased by 2.5% in the three months ended October, beating forecasts of a 2.3% gain.

Against the yen, the greenback was little changed at 115.19.

Meanwhile, the Australian dollar was steady against its U.S. counterpart, trading at 0.7496. The kiwi advanced 0.21% to 0.7219.

The U.S. dollar index was down 0.19% to 100.90 early morning.

The Canadian dollar touched a seven-week high against the greenback, as oil prices continue to rise.

USD/CAD slipped 0.14% to 1.3110.

The oil-linked currency continues to benefit from news of an agreement between major oil producers to cut production and curb the oversupply.

Oil inventories across the globe may start to draw in the early part of 2017 if producers follow through with the agreement to cut back on production, according to the International Energy Agency.

Higher oil prices typically boost the Canadian dollar.

 

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 Jacob Maslow offers clients effective digital marketing insights that enhance website visibility and improve SEO as an online marketing consultant at Consultwebs. His approach marries creativity to numbers to show significant ROI for marketing efforts. This Brooklyn native has spent years helping skilled professionals, including medical and legal professionals rank for relevant search terms.
Clients attain their marketing objectives with Maslow. He has helped boutique law practices in crowded markets rank No. 1 in Google ranking. His efforts doubled the revenue for Allergy Be Gone's non-Amazon sales to $4 million annually. SEO ranking and revenue growth are prioritized when Maslow consults with prospects and long-term clients. Maslow has over a decade of experience implementing SEO practices and running successful marketing campaigns.
In addition to working with clients in various fields, but often with those in legal, financial and medical areas, he is an author, offering his expertise to those seeking to improve their engagement with online audiences. Read what Maslow has to share with eager audiences on business.com and business2community.com, including recent articles: "4 Mistakes You Can Correct Today to Be a Social Media Superstar" and "6 Things SEO Can't Do for Your Business."
Maslow puts his connections to work for clients. He founded many news sites including: Forex Binary News; eThailand; Key Investing; Rapid News Network and StreetWise Journal. Jacob Maslow stays busy as owner of Legal Scoops, Daily Forex Report, Investing Alerts and bestportablechargerz. Feel free to seek his advice on Facebook, Quora and Slideshare or contact Jacob Maslow directly.
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 Jacob Maslow offers clients effective digital marketing insights that enhance website visibility and improve SEO as an online marketing consultant at Consultwebs. His approach marries creativity to numbers to show significant ROI for marketing efforts. This Brooklyn native has spent years helping skilled professionals, including medical and legal professionals rank for relevant search terms. Clients attain their marketing objectives with Maslow. He has helped boutique law practices in crowded markets rank No. 1 in Google ranking. His efforts doubled the revenue for Allergy Be Gone's non-Amazon sales to $4 million annually. SEO ranking and revenue growth are prioritized when Maslow consults with prospects and long-term clients. Maslow has over a decade of experience implementing SEO practices and running successful marketing campaigns. In addition to working with clients in various fields, but often with those in legal, financial and medical areas, he is an author, offering his expertise to those seeking to improve their engagement with online audiences. Read what Maslow has to share with eager audiences on business.com and business2community.com, including recent articles: "4 Mistakes You Can Correct Today to Be a Social Media Superstar" and "6 Things SEO Can't Do for Your Business." Maslow puts his connections to work for clients. He founded many news sites including: Forex Binary News; eThailand; Key Investing; Rapid News Network and StreetWise Journal. Jacob Maslow stays busy as owner of Legal Scoops, Daily Forex Report, Investing Alerts and bestportablechargerz. Feel free to seek his advice on Facebook, Quora and Slideshare or contact Jacob Maslow directly.

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