Dollar Steady as Focus Shifts to Fed

Dollar held steady versus its major peers, while Treasuries slipped as traders’ attention shifts to Federal Reserve Chair Janet Yellen’s appearances before the House of Representatives and the Senate and ahead of U.S. inflation data due this week.
ASIA: Dollar rose against most G-10 peers as attentionshifted to Donald Trump’s promised tax plan after the U.S. president refrained from criticizing Japan’s currency policy
at meetings with Prime Minister Shinzo Abe
EUROPE: Dollar failed to extend gains above 21-Daily MovingAverage resistance while both the euro and the pound found support by their respective 55-DMA. GBP saw decent demand during the London session that sent the pair to 1.2539 high
In Japan, the largest holder of Treasuries, investors culledtheir stakes in December by the most in almost four years,the Ministry of Finance’s most recent figures show. Other foreign countries are also pulling back from U.S. debt
Disheartened by the dollar’s five-week selloff to start the year, hedge funds pared back one of their favorite trades -- leveraged bets on the greenback’s gains -- to the least in
more than four months last week.
Investors are waking up to the risk of Marine Le Pen emerging victorious in the French election, some early bets in the options market show.

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