Greenback is on the defensive on tax bill wrangling

Greenback is on the defensive on tax bill wrangling

On Friday, the evergreen buck was on the defensive after wrangling over a bill to modify the American tax code affected confidence. Meanwhile, the euro went down after the European Central Bank hinted it would keep pursuing its stimulus as long as required.

The US currency tumbled 0.2% trading at 112.170 yen, after it had dived to an eight-day minimum of 112.065 overnight.

On Tuesday, the greenback had soared to a one-month maximum of 113.750 yen. However, the US currency made an U-turn midweek because the Federal Reserve tightened monetary policy as anticipated but also expressed worries about low inflation.

The US currency lost further ground after on Thursday two American Republican senators were reported to have favored changes to the proposed legislation to modify the US tax code.

The tax bill requires a simple majority to pass in the Senate, where Republicans hold up to 52 of the 100 seats. By the way, Democrats aren’t believed to back it.

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