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Forex News: Dollar Little Changed Despite Tax Reform Progress

Dollar Little Changed Despite Tax Reform Progress

12/04/2017 - 15:06:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Monday afternoon, but is little changed overall. Investors were focused on the approval of a bill to overhaul the U.S. tax system and reports of progress in the Brexit negotiations.

Senate Republicans narrowly approved a massive tax reform bill early Saturday morning. The Senate voted 51 to 49 in favor of the bill known as the Tax Cuts and Jobs Act, with the vote largely coming down along party lines.

With the vote to approve the bill, lawmakers from the Senate and House will need to go to conference to work out differences in the bills passed by the two chambers.

A report released by the Commerce Department on Monday showed a modest decrease in new orders for U.S. manufactured goods in the month of October. The report said factory orders edged down by 0.1 percent in October after surging up by 1.7 percent in September. Economists had expected orders to drop by 0.4 percent.

The dollar rose to a high of $1.1828 against the Euro Monday, but has since eased back to around $1.1850.

Eurozone investor confidence declined in December on weak expectations, survey results from think tank Sentix showed Monday. The investor sentiment index fell more-than-expected to 31.1 from 34.0 in November. The score was forecast to fall to 33.6.

Eurozone producer price inflation eased at a faster-than-expected pace in October, data from Eurostat showed Monday.

Producer prices climbed 2.5 percent year-over-year in October, slower than previous month's 2.8 percent rise, which was revised down from a 2.9 percent increase reported earlier. Economists had expected the PPI inflation to moderate to 2.6 percent.

There were reports of a breakthrough in the ongoing Brexit talks at the start of the new trading week. The U.K. has reportedly committed to EU negotiators that there will be no regulatory divergence on the island of Ireland.

The buck dropped to a low of $1.3538 against the pound sterling Monday, but has since bounced back to around $1.3475.

British construction activity expanded at the fastest pace in five months in November, driven by solid rise in residential building work, survey data from IHS Markit showed Monday. The IHS Markit/Chartered Institute of Procurement & Supply construction Purchasing Managers' Index rose to 53.1 in November from 50.8 in October.

The greenback rose to an early high of Y113.089 against the Japanese Yen Monday, but has since retreated to around Y112.620.

Japan's consumer confidence improved as expected in November to the highest level in more than four years, survey data from the Cabinet Office showed Monday. The consumer confidence index climbed to 44.9 in November from 44.5 in the previous month. The figure also matched consensus estimate.

The monetary base in Japan climbed 13.2 percent on year in November, the Bank of Japan said on Monday, coming in at 472.583 trillion yen. That follows the 14.5 percent jump in October.

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