Amidst a quiet day on the economic calendar, the Greenback marginally moved its way higher against a basket of currencies, reaching 96.39 on the US Dollar Index. Up 0.33% for the day, there wasn’t too much to drive momentum for the Dollar. However, events off-shore supported the Greenback.
There were some events slated to potentially move markets overnight with Trump’s State of the Union address being a key point of interest for financial markets. Nevertheless, there weren’t too many gremlins from the speech to cause any effect on financial markets, although tellingly, there was little to provide comfort that another government shutdown can be avoided. There were also no additional headlines from the US-China trade war to analyze. Overall, the Greenback took its cues from foreign markets with the Euro, Aussie and Kiwi all falling precipitously to name a few.
Moving into Thursday, The US Dollar looks to the Federal Reserve for direction domestically with Fed Chair Powell set to speak later today.