The dollar is hovering amid a ‘palpable sense of anticipation’

The US dollar index was little changed at 93.85 at 7:24 a.m. ET on a relatively quiet day in FX markets.

That being said, “there is a palpable sense of anticipation,” for a number of key developments on the economic policy front, Marc Chandler, global head of currency strategy at Brown Brothers Harriman, said in commentary.

He continued:

“Anticipation for the ECB meeting on Thursday, which is expected to see a six or nine-month extension of asset purchases at a pace half of the current 60 bln a month. Anticipation of the new Fed Chair, which President Trump says will be announced: ‘very, very soon.’ Anticipation of US tax reform proposal that will be released as soon as the budget is approved. Anticipation of US corporate earnings, with FANG, shares off for the fifth session yesterday, the longest downdraft of the year.”

As for the rest of the world, here was the scoreboard at 7:26 a.m. ET:

The euro was up by 0.2% at 1.1768 against the dollar. German manufacturing PMI surprised on the upside, coming in at 60.5 for October, above expectations of 60.2.The Russian ruble was up by 0.3% at 57.3894 per dollar, while Brent crude oil, the international benchmark, was up by 0.7% at $57.76 per barrel.The Indian rupee was little changed at 65.065 per dollar.The British pound was little changed at 1.3188 against the dollar.The Japanese yen was down by 0.2% at 113.70 per dollar.