Greenback dives with tax reform bill eyed

Greenback dives with tax reform bill eyed

On Friday, the evergreen buck went down versus other key currencies because traders were still awaiting upbeat news on a highly-anticipated American tax reform bill.

Market sentiment on the US currency was still fragile after on Thursday the US Senate postponed a vote on the tax reform bill until Friday because a major element of the bill still required to be negotiated.

Assessing the greenback’s actual value versus a basket of six main currencies, the US dollar index was intact sticking to 92.92.

The currency pair EUR/USD rallied 0.10% being worth 1.1915, GBP/USD relieved 0.08% hitting 1.3518m, which is off a two-month maximum of 1.3550 reached overnight.

The euro was underpinned by expectations of progress in Germany after Angela Merkel's party held negotiations late on Thursday with centre-left Social Democrats to assist in the formation of a government coalition.

Additionally, hopes for an upbeat outcome to everlasting Brexit talks kept lending broad support to the British pound.


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Greenback edges down

On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…

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