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Forex - Dollar Holds Steady Amid Tax Reform Jitters

Published 12/01/2017, 05:18 AM
Updated 12/01/2017, 05:18 AM
Dollar index little changed in cautious trade

Dollar index little changed in cautious trade

Investing.com - The dollar held steady against other major currencies on Friday, as investors were still waiting for positive news on a highly-anticipated U.S. tax reform bill.

Sentiment on the greenback remained vulnerable after the U.S. Senate on Thursday evening delayed a vote on the tax reform bill until Friday as a key element of the bill still needed to be debated.

However, the bill was seen like more likely to pass following an endorsement by Senator John McCain.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 92.97 by 05:15 a.m. ET (09:15 GMT).

EUR/USD held steady at 1.1901, while GBP/USD slid 0.35% to trade at 1.3482, off a two-month high of 1.3550 hit overnight as traders locked in profits ahead of the weekend.

Data earlier showed that the UK manufacturing sector expanded at a faster rate than expected in November.

The report came amid signs of progress in negociations between the UK and the European Union, as EU diplomats said earlier in the week that Britain has moved "close" to EU demands over Brexit.

Elsewhere, the yen and the Swiss franc held steady, with USD/JPY at 112.48 and with USD/CHF at 0.9837.

The Australian and New Zealand dollars were stronger, with AUD/USD up 0.20% at 0.7582 and with NZD/USD rising 0.29% to 0.6851.

Meanwhile, USD/CAD slipped 0.22% to trade at 1.2867, just off the previous session's one-month peak of 1.2910.

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