Oct. 20, 2017 12:27 a.m. ET
Some analysts urged caution about Friday’s dollar gains.
Peter Chia Siong, a forex strategist at broker UOB Kay Hian in Singapore, said the dollar’s near-term direction “hinges not only on the tax reforms” but who Mr. Trump will tap to lead the Federal Reserve for the coming four years.
News reports that he is leaning toward Fed Gov. Jerome Powell weighed on the dollar Thursday as he is considered a dovish candidate. The White House has indicated Mr. Trump will make a decision before leaving for a trip to Asia next month.
“The stronger dollar doesn’t sit well with the U.S. administration’s goal to encourage exports,” said Stephen Innes, head of trading for Asia at Oanda. “They don’t want to tip the apple cart against the economy.”
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