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Forex News: U.S. Dollar Climbs As House Budget Approval Clears

U.S. Dollar Climbs As House Budget Approval Clears Path For Tax Reform

10/27/2017 - 04:34:00 (RTTNews)

(RTTNews) - The U.S. dollar strengthened against its major opponents in early European deals on Friday, as House Republicans approved the Senate's budget, clearing the path for Congress to fast-track tax reform.

The House passed the budget resolution by 216-212 vote, with 20 Republicans and all Democrats opposing it. With the budget's passage, a tax reform could be passed with 50 votes and the support of Vice President Pence to become law. The budget measure would enable the US federal deficit to expand by up to $1.5 trillion and facilitate tax cuts. Investors await U.S. GDP data and consumer sentiment index due later in the day for more clues on economy. The currency has been trading in a positive territory in the Asian session.

The greenback advanced to a 5-1/2-month high of 0.9999 against the franc, 3-1/2-month high of 114.31 against the yen and a weekly high of 1.3101 against the pound, compared to yesterday's closing value of 0.9976, 113.97 and 1.3159, respectively. Further uptrend may take the greenback to resistance levels of around 1.01 against the franc, 115.00 against the yen and 1.29 against the pound.

The greenback reversed from an early low of 1.1657 against the euro, rising to a 3-month high of 1.1620. The greenback is seen finding resistance around the 1.15 area.

The greenback hit a 3-1/2-month high of 1.2885 against the loonie, compared to 1.2846 hit late New York Thursday. If the greenback rises further, 1.30 is likely seen as its next resistance level.

The greenback firmed to a 3-1/2-month high of 0.7626 against the aussie and held steady thereafter. The pair finished Thursday's trading at 0.7658.

On the flip side, the greenback gave up its early gains against the kiwi with the pair trading at 0.6833. This may be compared to near a 6-month high of 0.6818 hit at 10:00 pm ET. The pair was valued at 0.6837 when it finished Thursday's deals.

Looking ahead, U.S. advanced GDP data for the third quarter and University of Michigan's final consumer sentiment index for October are set for release in the New York session.

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