XE Market Analysis: Asia – Dec 12, 2017

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The dollar rallied in N.Y. trade on Tuesday, as warmer U.S. PPI, and softer European data supported. In addition, the greenback was bid up into Wednesday’s FOMC meeting, where a 25 basis point rate hike is widely expected. Given a hike has been priced in, risk for the dollar appears to be a sell-the-fact sell-off. EUR-USD opened at 1.1765 highs, later making its way to a low of 1.1718. USD-JPY meanwhile, topped at 113.75, though gave back some ground into the close. USD-CAD was bid up as oil prices moved lower, while cable gave back post U.K.