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Forex News: U.S. Dollar Weakens On Tax Reform Doubts; Fed

U.S. Dollar Weakens On Tax Reform Doubts; Fed Minutes Awaited

10/11/2017 - 09:51:00 (RTTNews)

(RTTNews) - The U.S. dollar dropped against its major opponents in the European session on Wednesday, amid uncertainty over U.S. President Donald Trump's tax overhaul plan and investors awaited the minutes from the latest Fed meeting for monetary policy outlook.

The Federal Reserve will publish the minutes from the September meeting later in the day, with traders looking for further insight into its rate hike plans.

The Fed kept its interest rate on hold at meeting and said it would begin reducing its balance sheet at a rate of $10 billion this month.

Concerns over Trump's ability for a tax-code overhaul arose after reports of public feud with Republican Senator Bob Corker. The spat complicates the passage of tax package in Senate, where the Republicans control by a slim 52-48 margin.

Speaking in Zurich, Chicago Fed President Charles Evans said he prefer raising rates gradually as he wants to assess whether inflation attains its 2 percent objective.

"There is room for honest discussion later this year whether it is the right time to raise rates," he added.

Investors also focus on a speech by San Francisco Fed President John Williams in Salt Lake City, Utah, at 2:40 pm ET.

The currency was trading higher against its major rivals in the Asian session, with the exception of the euro.

The greenback resumed its decline against the euro, touching a new 2-week low of 1.1847. Further weakness may take the greenback to a support around the 1.195 region.

Data from Eurostat showed that Eurozone house prices increased at a steady pace in the second quarter.

House prices increased 3.8 percent year-on-year in the second quarter, the same rate as seen in the first quarter.

The greenback edged down to 112.08 against the Japanese yen, after having advanced to 112.59 at 10:00 pm ET. If the greenback slides further, 110.00 is possibly seen as its next support level.

Data from the Cabinet Office showed that Japan's core machine orders climbed a seasonally adjusted 3.4 percent on month in August, standing at 882.4 billion yen.

That beat forecasts for an increase of 1.0 percent following the 8.0 percent spike in July.

The greenback slipped to a weekly low of 0.9727 against the Swiss franc, from a high of 0.9767 hit at 10:15 pm ET. The greenback is poised to challenge support around the 0.96 area.

The greenback retreated to 1.3211 against the pound, from an early high of 1.3176. The next possible support for the greenback is seen around the 1.33 mark.

The greenback reversed from an early high of 1.2531 against the loonie, edging down to 1.2492. On the downside, 1.23 is possibly seen as the next support for the greenback.

The greenback fell back to 0.7797 against the aussie and 0.7091 against the kiwi, from its early highs of 0.7775 and 0.7062, respectively. The greenback had set multi-day lows of 0.7809 and 0.7099, respectively against the aussie and the kiwi in the previous session. The greenback is likely to test support around 0.79 against the aussie and 0.72 against the kiwi.

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