The US dollar was extending its gains across the board in the Asian trade. Regional investors were trading cautiously as China’s Communist Party Congresss kicked off early in the global trading day. Chinese President Xi Jinping delivered a speech for the domestic political elite. In his address, he did not make loud statements on the economy and did not trigger big market moves. However, Xi Jinping highlighted the fact about enormous impact of financial markets on China’s economic conditions. Thus, Asian traders obviously prefer to buy the US dollar. As a result, the USD/JPY pair is gradually approaching 113.00.
The Australian dollar is also on track to a Tuesday’s low. The AUD/USD pair is now trading next to 0.7830. The US dollar continued its winning streak today. The US dollar index settled up at 93.60. Investors are closely monitoring the situation around nominees for a next US Fed Chair. Besides, market particpants await a release of the Beige Book from the Federal Reserve. Experts say this may provide fresh impetus to the US dollar.
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