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Forex News: U.S. Dollar Advances As U.S. Congress Passes Tax

U.S. Dollar Advances As U.S. Congress Passes Tax Reform Bill

12/21/2017 - 02:05:00 (RTTNews)

(RTTNews) - The U.S. dollar climbed against its major counterparts in the Asian session on Thursday, as the US Congress passed the major overhaul of the US tax code in 30 years, which slashes taxes by $1.5 trillion over the next decade.

The bill, which now goes to President Donald Trump's desk to be signed into law, reduces the corporate tax rate to 21 percent from 35 percent, gives tax breaks to pass-through businesses and includes provisions intended to encourage domestic business investment.

The legislation also reduces tax rate for most individuals, although the tax cuts for individuals are set to expire.

Meanwhile, the bill is projected to add $1.5 trillion deficit over the next decade.

Investors await U.S. final GDP data, unemployment claims and house price index later in the day for more clues about the economy.

The currency showed mixed trading on Wednesday. While it rose against the yen and the franc, it dropped against the euro and the pound.

The greenback rose to 0.9870 against the Swiss franc and held steady thereafter. Continuation of the greenback's uptrend may see it challenging resistance around the 1.01 region.

The greenback that ended Wednesday's trading at 1.1871 versus the euro ticked up to 1.1863. If the greenback rises further, 1.17 is likely seen as its next resistance level.

The greenback rose back to 113.45 against the yen, from a low of 113.20 hit at 7:45 pm ET. On the upside, 116.00 is likely seen as the next resistance for the greenback-yen pair.

The Bank of Japan kept its monetary stimulus unchanged as widely expected.

Governor Haruhiko Kuroda and his board members decided by an 8-1 majority vote to hold its target of raising the amount of outstanding JGB holdings at an annual pace of about JPY 80 trillion.

The greenback hit a 2-day high of 1.3356 against the pound early in the session and moved sideways since then. The pair closed Wednesday's deals at 1.3375.

The greenback rose back to 0.7656 against the aussie from Wednesday's closing value of 0.7666. The next possible resistance for the greenback is seen around the 0.74 area.

On the flip side, the greenback was trading lower at 1.2827 against the loonie, down from an early high of 1.2836. The greenback may challenge support around the 1.27 mark.

The greenback held steady against the kiwi, after having fallen to a 3-day low of 0.7020 early in the Asian session. The greenback was valued at 0.7011 against the kiwi when it closed deals on Wednesday.

Data from Statistics New Zealand showed that New Zealand's gross domestic product expanded 0.6 percent on quarter in the third quarter of 2017.

That was in line with expectations and up from the upwardly revised 1.0 percent increase in the three months prior.

Looking ahead, Swiss trade data for November is due in the pre-European session.

At 4:30 am ET, U.K. public sector finance data for November is set for release.

In the New York session, Canada CPI for November and retail sales for October, U.S. weekly jobless claims for the week ended December 16, final GDP data for the third quarter, leading indicator for November and Federal House finance Agency's house price index for October as well as Eurozone advanced consumer sentiment for December are slated for release.

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