U.S. Dollar Climbs After US Senate Passes Budget Blueprint
20 Ottobre 2017 - 5:56AM
RTTF2
The U.S. dollar advanced against its major rivals in the Asian
session on Friday, as the U.S. Senate adopted a fiscal 2018 budget
resolution Thursday, a step forward towards overhauling the U.S.
tax code.
The $4 trillion budget blueprint was passed by 51-49 vote, with
Kentucky's Sen. Rand Paul joining Democrats to vote against the
resolution.
The White House said that the resolution "creates a pathway to
unleash the potential of the American economy through tax reform
and tax cuts."
The Senate budget resolution would allow the tax reform
legislation to add up to $1.5 trillion to the federal deficit over
the next ten years.
Traders also remain anxious to hear who President Donald Trump
will pick as next Fed chief, with media reports suggesting that he
is leaning toward nominating Federal Reserve governor Jerome Powell
to succeed Janet Yellen.
The greenback dropped against its major rivals on Thursday, with
the exception of the pound.
The greenback strengthened to a 2-week high of 113.32 against
the yen, reversing from a low of 112.51 hit at 6:00 pm ET. The
greenback climbs further, 114.00 is possibly seen as its next
resistance level.
The greenback advanced to 1.1804 against the euro, off early
session's low of 1.1858. The next possible resistance for the
greenback is seen around the 1.17 area.
The greenback climbed to an 11-day high of 1.3088 against the
pound and held steady thereafter. Continuation of the greenback's
uptrend may see it challenging resistance around the 1.29 area.
The greenback hit a 5-month high of 0.9847 against the Swiss
franc and moved sideways in later part of the session. The pair
finished Thursday's deals at 0.9762.
The greenback rose to 2-day highs of 0.7829 against the aussie
and 1.2520 against the loonie and traded sideways thereafter. At
Thursday's close, the greenback was worth 0.7877 against the aussie
and 1.2484 against the loonie.
The greenback firmed to 0.6971 against the kiwi, its strongest
since May 22. If the greenback extends rise, 0.67 is possibly seen
as its next resistance level.
Looking ahead, U.K. public sector finance data is due in the
European session.
In the New York session, Canada inflation for September and
retail sales for August are set for release.
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