x
Breaking News
0

Forex - Dollar Holds Steady as U.S. Tax Reform Plans Dominate

ForexNov 10, 2017 18:27
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Dollar hovers near 1-week highs amid U.S. political jitters

Investing.com - The dollar held steady near one-week lows against other major currencies on Friday, as concerns over the fate of a highly-anticipated U.S. tax reform bill continued to dampen demand for the greenback.

U.S. Senate Republicans unveiled a plan on Thursday which would reduce the corporate tax rate to 20% from 35% and make other significant changes to the individual tax system.

However, investors remain cautious as Senate Republican leaders said that they were considering postponing the implementation of the major corporate tax cut until 2019.

Meanwhile, a House tax reform bill, which differs from the Senate version, would be expected to take effect next year. If the Senate and House pass separate tax bills, lawmakers will have to reconcile them.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 94.44 by 07:50 a.m. ET (11:50 GMT), just off a one-week low of 94.31 hit overnight.

EUR/USD held steady at 1.1648, while GBP/USD rose 0.21% to trade at 1.3173 after the UK Office for National Statistics said manufacturing and industrial production both increased by 0.7% in September and both beating expectations for a 0.3% uptick.

Year-on-year, manufacturing production increased more than expected by 2.7% in September, while industrial production advanced by 2.5%.

Elsewhere, USD/JPY was almost unchanged at 113.39, while USD/CHF added 0.14% to 0.9942.

The Australian dollar turned lower, with AUD/USD down 0.18% at 0.7666, while NZD/USD held steady at 0.6942.

Earlier Friday, in its quarterly monetary policy statement, the Reserve Bank of Australia downwardly revised growth expectations for December 2017 to 2.5% from 2-3% in the previous forecast issued in August.

However, the RBA said it expects the economy to expand at "a solid pace" over the next few years, citing positive labour market developments.

Meanwhile, USD/CAD eased 0.09% to trade at 1.2671, the lowest since October 25.

Forex - Dollar Holds Steady as U.S. Tax Reform Plans Dominate
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

 
Are you sure you want to delete this chart?
 
Write your thoughts here
 
Replace the attached chart with a new chart ?
Post
Post also to:
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
 
Replace the attached chart with a new chart ?
Post 1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email