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Dollar Holding Above 1-Month Lows before U.S. Tax Vote

11/17/2017, 11:28:39 AMTrading Strategies
 Dollar Holding Above 1-Month Lows before U.S. Tax Vote

 The dollar was holding above one-month lows against a basket of the other major currencies on Thursday as investors awaited an vote on the U.S. tax bill later in the day.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at 93.76 by 09:36 AM ET (14:37 GMT), after having fallen as low as 93.31 on Wednesday, its weakest level since October 26.

The dollar found some support after Politico reported that House Republicans are confident they have the votes to pass a massive rewrite of the U.S. tax code later Thursday.

The vote is expected at an 11:30 AM ET closed-door meeting in the Capitol.

But concerns over the passage of the tax plan persisted after two Republican lawmakers on Wednesday criticized the bill.

The dollar showed little reaction to reports showing that U.S. jobless claims unexpectedly rose last week and U.S. import prices rose 0.2% in October and 2.5% for a year earlier.

Another report showed that U.S. industrial production rose by a larger than forecast 0.9% in October as output rebounded after recent hurricanes.

The data came a day after report showed an uptick in underlying U.S. inflation and retail sales in October, supporting the case for a December rate hike by the Federal Reserve.

The euro was a touch lower against the dollar, with EUR/USD last at 1.1779, off Wednesday’s one-month highs of 1.1859.

Sterling pushed higher, with GBP/USD rising 0.14% to 1.3190.

The dollar was almost unchanged against the yen, with USD/JPY at 112.89