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Dollar Soft amid Continuing Uncertainty About US Tax Reform

November 18, 2017 at 18:19 by Vladimir Vyun

Ulysses S. Grant on US 50-dollar billThe US dollar was soft during the past trading week, falling against its major rivals, as markets continued to watch the developments in the US tax reform story.

Uncertainty about the tax bill made the currency ignore some positive economic reports. The House of Representatives has passed its version of the legislation, but the story if far from over. The plan presented by the Senate differs by the one proposed by the House, meaning that the two chambers need to find a compromise and then vote for the final result.

Meanwhile, the euro got support from the strong European GDP reading. German inflation was solid too, also helping the shared European currency.

EUR/USD climbed from 1.1657 to 1.1787, touching the high of 1.1859 during the week. GBP/USD was up from 1.3162 to 1.3215, bouncing from the weekly low of 1.3061. USD/JPY dropped from 113.49 to 112.15.

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