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On Wednesday the U.S. dollar climbed to fresh highs and is poised to climb higher against major currencies.
The U.S. dollar index which measures a basket of six major currencies gained 0.08 percent to 94.91 after climbing to 94.93 overnight.
Boosting demand for the dollar was the rise of 2.82 percent of 10-year U.S. treasuries as investors sought safe havens over the political events in Italy as the government looks to form a coalition.
The political pressure in Italy saw the euro fall to a ten month low.
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Upbeat Retail Sales
Japan’s yen gained against the dollar climbing 0.07 percent to 108.68 following the release of the upbeat monthly retail sales data beating forecasts with 1.6 percent growth for April against expectations of 0.9 percent growth.
The Korean won gained against the dollar with the USD/KRW slipping 0.33 percent to 1,081.81.
Historic Meeting U.S. And North Korea
The historic meeting between the U.S. and North Korea is back ‘on’ again according to Sarah Huckabee Sanders the White House spokeswoman. The meeting between Donald Trump and Kim Jong Un is scheduled to take place in Singapore with discussions focusing on denuclearization in North Korea.
Disappointing Aussie Housing Market Data
Disappointing housing market data with weaker than expected building approvals in Australia saw the AUD/USD pair lose 0.15 percent at 0.7494.
The government approvals data, a key indicator of demand forecasted for a 2.9 percent increase in building approvals, instead the data came in at -5.0 percent.
The USD/CNY pair gained 0.10 percent to 6.4255 after the People’s Bank of China changed the reference rate for the yuan against the dollar, setting it at 6.4207 compared to 6.4021 of the previous day.
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