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Dollar Up Against Yen In Early Asia, China House Prices Due

10/23/2017, 9:51:04 AMMarket Analysis
Dollar Up Against Yen In Early Asia, China House Prices Due

 The dollar was quoted up against the yen in early Asia on Monday in a light regional data day.

USD/JPY changed hands at 113,85, up 0.28%, while AUD/USD traded at 0.7813, down 0.08%. House prices from China are due later in the day for September with an 8.3% gain reported in August.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted up 0.61% to 93.57.

Last week, the dollar rose against a basket of the other major currencies on Friday as hopes for U.S. tax reforms were boosted after the Senate approved a budget measure that will allow Republicans to pursue tax cuts without Democratic support.

President Donald Trump\'s tax reform plans cleared a critical hurdle on Thursday after Senate Republicans adopted a budget for the next fiscal year and included a procedure that Republicans plan to use to rewrite the tax code without support from the Democratic Party.

Investors expect a fiscal boost to push up inflation, adding pressure on the U.S. Federal Reserve to raise interest rates, known as the \"Trumpflation\" trade.

But Republicans have yet to produce a tax reform bill amid divisions over what cuts to make and how to pay for them and analysts have warned that the White House still faces a long battle to push through its agenda.

Sterling was broadly higher amid hopes for a breakthrough in Brexit negotiations after British Prime Minister Theresa May met with European Union leaders in Brussels.

The New Zealand dollar dropped almost 1% on Friday and NZD/USD ended the week down 2.75% after a surprise election outcome sparked concerns that the new government could pursue policies that would weaken the currency