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Forex News: Dollar Heading Lower After Tax Reform Passes The

Dollar Heading Lower After Tax Reform Passes The House

12/19/2017 - 14:50:00 (RTTNews)

(RTTNews) - The dollar was up against its major rivals in early trade Tuesday, but has since pared its gains. The buck is down against the Euro and the British pound, but remains up against the Japanese Yen.

The House of Representatives has passed the Republican tax overhaul plan by a vote of 227-203 this afternoon. The bill has now moved to the Senate, where a vote could take place as soon as this evening.

New residential construction in the U.S. unexpectedly increased in the month of November, according to a report released by the Commerce Department on Tuesday. The report said housing starts jumped 3.3 percent to an annual rate of 1.297 million in November from a revised 1.256 million in October. Economists had expected housing starts to drop by 3.7 percent.

Building permits fell by 1.4 percent to an annual rate of 1.298 million from 1.316 million in the previous month.

The dollar has dropped to around $1.1850 against the Euro Tuesday afternoon, from an early high of $1.1775.

Eurozone hourly labor cost grew at a slower pace in the third quarter, data from Eurostat showed Tuesday. Hourly labor cost increased 1.6 percent year-on-year in the third quarter, slower than the 1.8 percent growth logged a quarter ago.

Eurozone construction output declined for the first time in seven months in October, figures from Eurostat showed Tuesday. Construction output declined a seasonally adjusted 0.4 percent month-over-month in October, reversing a 0.1 percent rise in September.

Germany business sentiment weakened unexpectedly in December, from a record high, on less optimistic business expectations, survey data from the Ifo Institute showed Tuesday.

The business sentiment index fell to 117.2 in December from revised 117.6 a month ago, according to a monthly survey conducted among 7,000 firms by the Munich-based institute. Economists had forecast the indicator to rise to 117.6 from November's original estimate of 117.5.

The buck climbed to an early high of $1.3332 against the pound sterling Tuesday, but has since retreated to around $1.3380.

Japan's government on Tuesday upgraded its growth outlook citing strong domestic demand.

According to Cabinet Office, Japan's economy will grow 1.9 percent in the fiscal 2017 and 1.8 percent in the fiscal 2018.

In July, the government had projected 1.5 percent and 1.4 percent growth for fiscal 2017 and 2018, respectively.

The greenback rose to a high of Y113.078 against the Japanese Yen Tuesday, but has since eased back to around Y112.960.

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