US dollar continues in its winning streak as it yesterday concluded its 5th consecutive day of gains. The US dollar index hit 7-week highs yesterday as it tested 102.26, the US dollar index measures the value for the USD against a basket of currencies.
In his first address to a joint session in Congress yesterday President Trump outlined some of the areas on his agenda. Trump highlighted his aim to bring investment and jobs back to the US, and the withdrawal from the Trans-Pacific Partnership.
US dollar was unable to take a clear direction ahead of President Trump’s expected congressional address later today. The US dollar index, measuring the USD’s strength against a basket of currencies has kept mostly within the range of 100.69:101.25 so far this week with Trump’s mention of a forthcoming increase in military spending mostly helping the dollar bulls.
The dollar regained some of its losses after slipping to a two-week low against the yen in Asian trading on Monday. The move lacked momentum as forex investors awaited this week's speech by U.S. President Donald Trump for clues on tax reform.
The U.S. dollar slipped against a basket of its major rivals on Thursday on a perceived lack of progress on U.S. tax reform and public spending. Wednesday's more dovish-than-expected Federal Reserve meeting minutes also weighed on the greenback.