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Forex News: U.S. Dollar Climbs After US Senate Passes Budget

U.S. Dollar Climbs After US Senate Passes Budget Blueprint

10/20/2017 - 03:56:00 (RTTNews)

(RTTNews) - The U.S. dollar advanced against its major rivals in the Asian session on Friday, as the U.S. Senate adopted a fiscal 2018 budget resolution Thursday, a step forward towards overhauling the U.S. tax code.

The $4 trillion budget blueprint was passed by 51-49 vote, with Kentucky's Sen. Rand Paul joining Democrats to vote against the resolution.

The White House said that the resolution "creates a pathway to unleash the potential of the American economy through tax reform and tax cuts."

The Senate budget resolution would allow the tax reform legislation to add up to $1.5 trillion to the federal deficit over the next ten years.

Traders also remain anxious to hear who President Donald Trump will pick as next Fed chief, with media reports suggesting that he is leaning toward nominating Federal Reserve governor Jerome Powell to succeed Janet Yellen.

The greenback dropped against its major rivals on Thursday, with the exception of the pound.

The greenback strengthened to a 2-week high of 113.32 against the yen, reversing from a low of 112.51 hit at 6:00 pm ET. The greenback climbs further, 114.00 is possibly seen as its next resistance level.

The greenback advanced to 1.1804 against the euro, off early session's low of 1.1858. The next possible resistance for the greenback is seen around the 1.17 area.

The greenback climbed to an 11-day high of 1.3088 against the pound and held steady thereafter. Continuation of the greenback's uptrend may see it challenging resistance around the 1.29 area.

The greenback hit a 5-month high of 0.9847 against the Swiss franc and moved sideways in later part of the session. The pair finished Thursday's deals at 0.9762.

The greenback rose to 2-day highs of 0.7829 against the aussie and 1.2520 against the loonie and traded sideways thereafter. At Thursday's close, the greenback was worth 0.7877 against the aussie and 1.2484 against the loonie.

The greenback firmed to 0.6971 against the kiwi, its strongest since May 22. If the greenback extends rise, 0.67 is possibly seen as its next resistance level.

Looking ahead, U.K. public sector finance data is due in the European session.

In the New York session, Canada inflation for September and retail sales for August are set for release.

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