Markets have for days been keeping an eye on news about the next Federal Reserve chair. President Donald Trump reportedly favors nominating Federal Reserve Governor Jerome “Jay” Powell when current Chair Janet Yellen’s term comes to an end next February. Trump is expected to reveal his decision this week.
Meanwhile, the U.S. economy grew more quickly than expected in the third quarter. Gross domestic product rose 3 percent, above the 2.5 percent forecast in a Reuters poll.
Elsewhere, the Spanish government dismissed Catalonia’s parliament after it declared the region’s independence on Friday. Spanish Prime Minister Mariano Rajoy announced regional elections would take place on Dec. 21.
On Sunday, hundreds of thousands of Catalans protested in Barcelona in support of Spanish unity.
The euro had initially gained after Friday reports on Trump’s Fed chair deliberations, but later gave up those gains during the session following news out of Spain. The common currency traded at $1.1597 at 6:47 a.m. HK/SIN after falling as low as $1.1573 in the last session.
The dollar index, which tracks the U.S. currency against a basket of six currencies, was a touch firmer at 94.899. Against the yen, the dollar traded at 113.72.
