🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Shares

Forex- Dollar Inches Forward as Congress Prepares for Tax Vote

Published 19/12/2017, 16:22
© Reuters.  The dollar inched forward on Tuesday.
EUR/USD
-
GBP/USD
-
USD/JPY
-
AUD/USD
-
NZD/USD
-
DX
-

Investing.com - The dollar gained some ground against other majors currencies on Tuesday, as both the House and Senate prepare to vote on the U.S. tax reform bill later in the day.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rallied 0.03% to 93.26 by 11:21 a.m. ET (16:21 GMT).

The House of Representatives expected to vote on the bill at around 1:30 p.m. ET (18:30 GMT) on Tuesday and the Sante ate vote is expected to follow later in the day. The tax bill would cut corporate taxes to 21% from 35%, which some say would encourage companies to spend more, boosting the economy.

The dollar was sluggish in early morning trading, shrugging off data on Tuesday showing that the number of U.S. housing starts unexpectedly increased in November, while building permits declined much less than expected.

The greenback held against the yen, with USD/JPY rising 0.36% to 112.95.

Meanwhile the euro rose against the dollar, with EUR/USD increasing 0.28% to 1.1815 while GBP/USD slumped 0.31% to 1.3342.

Earlier Tuesday, data showed that German business confidence fell unexpectedly in December.

Elsewhere, the Australian and New Zealand dollars fell, with AUD/USD down 0.12% at 0.7653 and with NZD/USD falling 0.10% to trade at 0.6988.

Earlier Tuesday, data showed that the ANZ business confidence index for New Zealand improved to -37.8 in December from -39.3 the previous month.

Separately, the minutes of the Reserve Bank of Australia showed that the central bank is more confident the economy will strengthen further next year, potentially paving the way toward its first policy tightening since 2010.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.