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Forex News: U.S. Dollar Advances As US Senate Passes Tax

U.S. Dollar Advances As US Senate Passes Tax Reform Legislation

12/20/2017 - 04:01:00 (RTTNews)

(RTTNews) - The U.S. dollar climbed against its most major counterparts in early European deals on Wednesday, as the Senate Republicans approved the the first major tax reform legislation in several decades, cutting tax rates for businesses and individuals.

The House of Representatives will vote again on the bill today, as it earlier included three provisions that did not comply with Senate rules.

Then, it will go to the President's desk to get signed to become law.

The bill cuts the federal corporate tax rate to 21 percent and keeps the seven individual tax brackets, but lower the rates on different income levels.

Republicans claim that the bill will lead to stronger economic growth and paves way for new investments by U.S. companies.

The currency showed mixed trading in the Asian session. While it rose against the euro and the yen, it held steady against the franc and the pound.

The greenback rose to 0.9862 against the franc, from a low of 0.9846 hit at 5:00 pm ET. The next possible resistance for the greenback-franc pair is seen around the 1.01 zone.

The greenback climbed to 113.17 against the Japanese yen, its strongest since December 13. Continuation of the greenback's uptrend may see it challenging resistance around the 114.00 area.

Data from the Ministry of Economy, Trade and Industry showed that Japan's all industry activity increased as expected in October, after falling in the previous month.

The all industry activity index rose 0.3 percent month-over-month in October, reversing a 0.5 percent decrease in September.

The greenback advanced to 1.3377 against the pound, reversing from an early session's low of 1.3402. If the greenback extends rise, 1.32 is possibly seen as its next resistance level.

On the flipside, the greenback weakened to a 6-day low of 1.1854 against the euro, off its early high of 1.1829. Further downtrend may take the greenback to a support around the 1.195 mark.

Data from Destatis showed that Germany's producer price inflation eased to the lowest level in four months in November.

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.

Looking ahead, Eurozone current account for October is due shortly.

At 8:15 am ET, the Bank of England governor Mark Carney appears before the Treasury Select Committee to testify on the November Financial Stability Report.

In the New York session, Canada wholesale sales for October and U.S. existing home sales for November are set for release.

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