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Forex News: U.S. Dollar Falls Ahead Of U.S. House Vote

U.S. Dollar Falls Ahead Of U.S. House Vote On Tax Legislation

12/19/2017 - 05:24:00 (RTTNews)

(RTTNews) - The U.S. dollar weakened against its most major counterparts in early European deals on Tuesday, as investors became cautious ahead of the House vote on the tax reform bill later in the day.

The U.S. House of Representatives will vote on the most sweeping, pro-growth tax reform legislation later today while the Senate vote is expected to follow short on the heels.

The legislation reduces the corporate tax rate to 21 percent and keeps the seven individual tax brackets, while ending the individual mandate under Obamacare.

Meanwhile, the GOP tax bill would add at least $1.4 trillion to the deficit over the next 10 years.

Investors await reports on U.S. building permits and housing starts due later in the day for more clues on the strength of the housing market.

The currency held steady against its major rivals in the Asian session, with the exception of the euro.

Pulling away from an early high of 0.9862 against the franc, the greenback dropped to 0.9843. The next possible support for the greenback is seen around the 0.97 region.

Data from the State Secretariat for Economic Affairs showed that the Swiss economy is expected to grow strongly next year in the course of the global economic upturn.

In the Winter Forecast, the federal government's expert group said the economy will make a speedy recovery over the next few quarters.

The greenback dropped to 1.1819 against the euro and 1.3402 against the pound, from its previous highs of 1.1777 and 1.3362, respectively. If the greenback extends slide, it may find support around 1.19 against the euro and 1.35 against the pound.

Survey results from Ifo institute showed that Germany's business confidence weakened in December.

The business sentiment index fell to 117.2 in December. Economists had forecast the indicator to rise to 117.6 from November's original estimate of 117.5.

The greenback edged down to 1.2850 against the loonie and 0.7018 against the kiwi, off its early high of 1.2876 and a 4-day high of 0.6986, respectively. Continuation of the greenback's downtrend may see it challenging support around 1.27 against the loonie and 0.71 against the kiwi.

The greenback hit a 4-day low of 0.7684 against the aussie, after having advanced to 0.7656 at 8:45 am ET. The greenback is seen finding support around the 0.78 mark.

Survey compiled by the ANZ bank and Roy Morgan Research showed that Australia's consumer confidence improved during the week ended December 17.

The consumer confidence index climbed to 116.5 from 115.1 in the preceding week.

On the flip side, the greenback pared gains to 112.51 against the yen, from an early high of 112.67, and held steady thereafter. The pair finished Monday's trading at 112.54.

Japan's government upgraded its growth outlook citing strong domestic demand.

Japan's economy will grow 1.9 percent in the fiscal 2017 and 1.8 percent in the fiscal 2018, according to Cabinet Office.

The U.S. housing starts and building permits for November are set for release in the New York session.

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