2017.10.1803:46:00UTC+00Dollar Climbs as Fed, Tax Reform News in Focus

The dollar rose on Wednesday, as market focus is on further news on the potential appointment of a hawk as Federal Reserve chair as well as progress on U.S. tax reforms.

The dollar index edged up 0.1 percent to 93.58, extending a rebound from Friday's 2 ½-week low of 92.749. It climbed as high as 93.729 the previous day.

The euro was little changed against the dollar at $1.1757.

U.S. Senate Republicans recently gained significant backing for a vote on a budget resolution that is crucial to President Donald Trump's hopes of signing tax reform legislation into law before January.

Investors will also pay attention to the U.S. Beige Book data, with some likely to be cautious of purchasing dollars aggressively after weak U.S. inflation data.

Trump has a pool of five candidates to choose from and is likely to announce his choice before going to Asia in early November, according to a source familiar with the matter. As the Federal Reserve is highly anticipated to hike interest rates for the third time this year in December, markets are looking to who will replace Janet Yellen as chair when her term expires in February.