The U.S. dollar ended the week sharply higher after previous uncertainties never manifested. President Trump has yet to select his next Fed Chair, although Powell appears to be the most likely candidate. At the same time the tensions between North Korea and the U.S. did not escalate. Does this mean that the risks have gone away? Certainly not. However the lack of fresh developments on either fronts coupled with the significant progress made on tax reform, helped the U.S. dollar close out a strong week. The greenback experienced the strongest gains against the New Zealand dollar and Japanese Yen, but none of the major currencies escaped its rally. Looking ahead, investors will remain hopeful that the House will approve the budget reform plans and this positive thinking, along with the sharp rise in U.S. yields on Friday could carry the dollar to fresh highs in the coming week.

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