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Forex News: U.S. Dollar Slides On U.S. Tax Reform Uncertainty

U.S. Dollar Slides On U.S. Tax Reform Uncertainty

11/08/2017 - 06:09:00 (RTTNews)

(RTTNews) - The U.S. dollar dropped against its major opponents in early European deals on Wednesday, following a media report suggesting that U.S. Senate Republicans are considering a delay in the implementation of corporate tax cut by a year. The Washington Post reported that Senate Republicans are evaluating the possibility of postponing an $845 billion corporate tax cut until 2019. Although House and Senate Republicans agree on the frame work for tax reform proposal, Senate leaders are restrained to move ahead with plan owing to Senate rules that require the package to not increase the federal deficit after a decade. The U.S. President Donald Trump continues with his 12-day trip to Asia, wrapping his visit to Seoul and heading to China today. While addressing South Korean Parliament, Trump warned North Korean leader Kim Jong-un to abandon his nuclear programme and weapons and not to underestimate the U.S.

With today's economic calendar being light, investors focus on U.S. weekly jobless claims on Thursday and consumer sentiment on Friday for more direction.

The currency showed mixed performance in the Asian session. While it held steady against the franc, it dropped against the yen and the euro. Against the pound, it advanced. The greenback dropped to 0.7670 against the aussie and 0.6921 against the kiwi, from its early highs of 0.7639 and 0.6896, respectively. If the greenback extends decline, 0.78 and 0.70 are likely seen as its next support levels against the aussie and the kiwi, respectively. The greenback that closed Tuesday's trading at 1.2776 against the loonie edged down to 1.2743. On the downside, 1.26 is possibly seen as the next support level for the greenback. Reversing from an early high of 1.1585 against the euro, the greenback weakened to 1.1611. Continuation of the greenback's downtrend may see it challenging support around the 1.18 region. The greenback pared gains to 0.9984 against the Swiss franc, from a high of 0.9997 hit at 1:15 am ET. The greenback is seen finding support around the 0.98 mark.

The greenback was trading in a negative territory against the yen with the pair trading at 113.76. This may be compared to a 5-day low of 113.64 hit at 7:30 pm ET. The next possible support for the greenback is seen around the 111.00 area.

Preliminary data from the Cabinet Office showed that Japan's leading index declined as expected in September, after strengthening in the previous month.

The leading index, which measures the future economic activity, dropped to 106.6 in September from 107.2 in August, which was the highest score since February 2014. The figure also matched consensus estimate.

On the flip side, the greenback rose to 1.3126 against the pound, after having fallen to 1.3176 at 7:45 pm ET. The greenback is poised to challenge resistance around the 1.30 mark. Looking ahead, Canada housing starts for October and building permits for September are due in the New York session.

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