U.S. Dollar Climbs On Tax Reform Optimism
04 Dezember 2017 - 3:51AM
RTTF2
The U.S. dollar advanced against its major counterparts in the
Asian session on Monday, as U.S. Senate approved a tax overhaul,
taking a step closer to get the legislation passed by
Christmas.
The Senate voted 51 to 49 in favor of the bill known as the Tax
Cuts and Jobs Act, after GOP leaders managed to win over several
reluctant lawmakers with changes to the legislation.
The House and Senate need to vote again on the final draft. With
funding for the federal government set to expire on Friday,
Republican leaders need to put together the votes for a deal on
top-line spending levels for this fiscal year.
The U.S. Labor Department's November jobs report is due out
Friday, days before the Federal Reserve's December monetary policy
meeting Dec. 12-13.
The greenback rose back to 1.3449 against the pound, heading to
pierce its early 4-day high of 1.3434. If the greenback rises
further, 1.33 is likely seen as its next resistance level. The
greenback recovered to 1.1862 against the euro, off its early low
of 1.1876. Continuation of the greenback's uptrend may see it
challenging resistance around the 1.17 region. The greenback hit
112.91 against the yen, its strongest since November 17. Further
uptrend may take the greenback to a resistance around the 113.5
mark. Survey data from the Cabinet Office showed that Japan's
consumer confidence improved as expected in November to the highest
level in more than four years.
The consumer confidence index climbed to 44.9 in November from
44.5 in the previous month. The figure also matched consensus
estimate. The greenback that closed Friday's trading at 0.9759
against the Swiss franc advanced to 0.9837. On the upside, 0.995 is
possibly seen as its next resistance level. The greenback edged up
to 0.6842 against the kiwi and 1.2722 against the loonie, from last
week's closing values of 0.6888 and 1.2684, respectively. The next
possible resistance for the greenback is seen around 0.67 against
the kiwi and 1.29 against the loonie. The greenback bounced off to
0.7588 against the aussie, from a low of 0.7607 hit at 8:45 pm ET.
The greenback is likely to challenge resistance around the 0.73
area. Looking ahead, U.K. construction PMI for November, Eurozone
PPI for October and Sentix investor consumer sentiment for December
are due in the European session. U.S. factory orders and durable
goods orders for October are set for release in the New York
session.
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