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Forex News: Dollar Mixed As Tax Reform Nears Completion

Dollar Mixed As Tax Reform Nears Completion

12/20/2017 - 14:47:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Wednesday afternoon. After a weak start, the buck is paring its losses against its major European rivals and continues to rise against the Japanese Yen. Traders have been keeping a close eye on Washington this week, as the Republican tax reform plans nears completion.

House Republicans voted once again on Wednesday to approve sweeping tax reform legislation, sending the bill to President Donald Trump's desk. The House voted 224 to 201 in favor of the bill known as the Tax Cuts and Jobs Act, with the vote coming down largely along party lines.

After reporting a sharp increase in existing home sales in the U.S. in the previous month, the National Association of Realtors released a report on Wednesday showing another jump in existing home sales in the month of November.

NAR said existing home sales soared by 5.6 percent to an annual rate of 5.81 million in November from an upwardly revised 5.50 million in October. Economists had expected existing home sales to rise to a rate of 5.52 million from the 5.48 million originally reported to the previous month.

The dollar fell to a 2-week low of $1.1901 against the Euro Wednesday, but has since bounced back to around $1.1875.

The euro area current account surplus declined in October, figures from the European Central Bank showed Wednesday. The current account surplus fell to a seasonally adjusted EUR 30.8 billion in October from EUR 39.2 billion in September.

Germany's producer price inflation eased to the lowest level in four months in November, Destatis reported Wednesday.

Producer price inflation slowed to 2.5 percent in November from 2.7 percent in October. This was the lowest since July, when prices climbed 2.3 percent and also slower than the expected growth of 2.6 percent.

The Bank of England announced on Wednesday that it will allow EU banks and insurers to operated normally in the U.K. post-Brexit and is undertaking a review of its authorizing and supervision policies for international firms.

"The foundation of the Bank of England's approach is the presumption that there will continue to be a high degree of supervisory cooperation between the UK and the EU," the bank said in a statement.

"On this basis, EEA banks and insurers may...apply for authorization to operate as a branch in the UK."

The buck dropped to a low of $1.3420 against the pound sterling Wednesday, but has since rebounded to around $1.34.

UK retail sales sustained its robust growth trend in the run-up to Christmas and is expected to repeat the same next month, but underlying conditions remained tough as the squeeze on earnings continue, survey results from the Confederation of British Industry showed Wednesday.

The retail sales balance dropped to +20 in December from +26 in November, the monthly CBI Distributive Trade Survey showed. That was less than the +30 balance predicted in the previous survey, but in line with economists' expectations.

The greenback has climbed to nearly a 1-week high of Y113.390 against the Japanese Yen Wednesday, from a low of Y112.848 this morning.

Japan's all industry activity increased as expected in October, after falling in the previous month, data from the Ministry of Economy, Trade and Industry showed Wednesday. The all industry activity index rose 0.3 percent month-over-month in October, reversing a 0.5 percent decrease in September.

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