The US Dollar Moved Higher While EUR Declined to its 3-Months Low Ahead of ECB Speech
- Trade Magnates Team
- Nov 7, 2017
- 1 min read
Trade Magnates - The US dollar moved higher against other major currencies on Tuesday. The EUR/USD pair extended its overnight consolidative mode into Asia, having its recovery from near multi-month declines of 1.1575 levels. The U.S. dollar index was up at about 94.96 earlier today.
Investors continued to monitor the progress of the U.S. tax bill, while the euro fell to the lowest level in three months ahead of the ECB Chief Draghi’s speech scheduled later in the European session today.
With the December hike expectation, the demand on the dollar continued while Investors were waiting to see how Republicans would reconcile differences over their proposed tax bill that might be according to analysts the biggest overhaul of the U.S. tax system since the 1980s and the best major legislative achievement since Republicans took control of the White House and Congress in January.
The USD/JPY pair stalled overnight sharp retracement slide from nearly 8-month tops and caught some fresh bids on Tuesday. Uncertainty over the Republicans tax bill and expectations that any rise in inflation would be slow kept the US Dollar bulls on the back-foot on Monday and prompted some profit taking at higher levels.
British Pound was also lower against the dollar, with GBP/USD at about 1.3143.