Dollar Holds Up As Traders Await Fed Rate Hike Clues

TOKYO, (UrduPoint / Pakistan Point News - 28th Sep, 2016 ) - The Dollar held up Wednesday as investors awaited fresh clues about the Federal Reserve's plans for interest rates, after the first US presidential debate lifted the greenback.

A report on demand for durable goods, such as cars and home appliances, due later in the day will be the latest indicator on the state of the world's top economy, after the US central bank held off raising borrowing costs last week.

"The market is waiting on fresh direction, potentially from some Fed speakers tonight," said David Forrester, a foreign-exchange strategist at Credit Agricole in Hong Kong.

"The dollar is likely to be subject to some temporary downside risk ahead of the US presidential election and will be especially dependent on the opinion polls," he told Bloomberg news.

In Tokyo, the dollar advanced to 100.56 Yen from 100.36 yen in New York late Tuesday, although it was still below levels seen in Asia earlier Tuesday. The euro fetched $1.1206 and 112.68 yen, against $1.1217 and 112.58 yen in New York.

The dollar was supported after Hillary Clinton, who is favoured by markets, got the best of rival Donald Trump in the first US presidential debate on Tuesday.