Forex - Dollar Gains In Asia with GBP Under Pressure On May Challenge Talk

Dollar gains in Asia

Investing.com - The dollar rose in Asia on Monday as political risk in Britain rose and investor regionally welcomed comments from leaders in Manila at the annual ASEAN summit on trade prospects even as President Donald Trump repeated views for more bilateral deals over regional groupings.

changed hands at 113.65, up 0.08%, while traded at 0.7651, down 0.13%. traded at 1.1651, down 0.14%, while dropped 0.55% to 1.3120 on reports Conservative Party MPs are ready to challenge Theresa May's leadership.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.16% to 94.45.

Inflation readings will matter most for global financial markets this week, with the U.S., UK, euro zone and Canada all set to release CPI data.

Investors will also be focusing on the Central Bank Communications Conference hosted by the ECB, with a panel discussion including the heads of the European, U.S., British and Japanese central banks in the spotlight.

Last week, the dollar ticked down to one-week lows against a basket of the other major currencies on Friday amid growing doubts over whether Republicans will be able to push through their tax overhaul this year.

Senate Republicans unveiled a tax plan on Thursday that differed from the one crafted by House Republicans, highlighting the challenges to reconciling the differences between the two plans with just a short time before the year-end deadline they have set to pass it.

Hopes of tax reform have helped boost the dollar since mid-September. Some traders believe tax reforms could bolster growth, adding pressure on the Federal Reserve to raise interest rates, known as the "Trumpflation" trade.

The pound was boosted as better-than-expected data on British manufacturing output and easing concerns over the progress of Brexit talks underpinned the currency.

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