U.S. Dollar Advances Ahead Of US Tax Vote
16 Novembre 2017 - 8:37AM
RTTF2
The U.S. dollar climbed against its major counterparts in the
European session on Thursday, as positive U.S. consumer inflation
and retail sales data underscored expectations for a Fed rate hike
next month and investors awaited the House of Representatives' vote
on tax legislation due later in the day.
The U.S. consumer price inflation matched forecasts and retail
sales unexpectedly rose in October, separate reports showed on
Wednesday.
The probability of the December rate hike has increased to 97
percent following the data, according to the CME Fed watch
tool.
Investors also await progress on U.S. tax reform as House
Republicans are expected to vote on the bill later today.
The House plan cuts the corporate tax rate to 20 percent from 35
percent and shrinks the tax brackets to four from seven, adding to
more than $1.4 trillion federal deficit over a decade.
Meanwhile, the Senate Republicans' attempt to overhaul the tax
code is facing opposition from two Republican lawmakers, as they
raised concerns about the provisions of the bill.
Sen. Ron Johnson told Wednesday that he would not support the
bill because it treats large corporations differently than small
pass-through businesses.
The greenback traded mixed in the Asian session. While it rose
against the yen and the franc, it held steady against the euro and
the pound.
The greenback climbed to a 2-day high of 1.1757 against the
euro, from a low of 1.1801 hit at 1:45 am ET. If the greenback
extends rise, 1.16 is possibly seen as its next resistance
level.
Final data from Eurostat showed that Eurozone inflation slowed
slightly as initially estimated in October. Inflation eased to 1.4
percent in October from 1.5 percent in September.
The greenback advanced to a 2-day high of 0.9928 against the
Swiss franc, compared to 0.9883 hit late New York Wednesday. The
greenback is seen finding resistance around the 1.02 area.
The greenback that closed Wednesday's trading at 112.88 against
the Japanese yen rose to 113.33. On the upside, 115.00 is possibly
seen as the next resistance level for the greenback.
The greenback hit 0.6837 against the kiwi, its strongest since
October 31. Continuation of the greenback's uptrend may see it
challenging resistance around the 0.67 mark.
The greenback recovered to 1.2773 against the loonie, from an
early low of 1.2754. Next key resistance for the greenback is seen
around the 1.285 level.
On the flip side, the greenback dropped to 1.3200 against the
pound, after having advanced to 1.3135 at 2:15 am ET. On the
upside, 1.30 is possibly seen as the next resistance for the
greenback.
Data from the Office for National Statistics showed that UK
retail sales grew moderately in October.
Retail sales increased 0.3 percent in October from September,
but slightly faster than the expected 0.2 percent.
The greenback held steady against the aussie, after having eased
to 0.7609 from an early near a 5-month high of 0.7569. The pair
closed Wednesday's trading at 0.7588.
Data from the Australian Bureau of Statistics showed that
Australia's unemployment rate came in at a seasonally adjusted 5.4
percent in October.
That beat forecasts for 5.5 percent, which would have been
unchanged from the September reading.
Looking ahead, U.S. weekly jobless claims for the week ended
November 11, industrial production and export and import prices for
October and NAHB housing market index for November as well as
Canada manufacturing sales for September and ADP employment report
for October are set for release in the New York session.
At 9:00 am ET, the Bank of England officials Mark Carney, Ben
Broadbent, Jon Cunliffe, Jo Place, Dave Ramsden and Sam Woods will
speak at Future Forum in St. George's Hall Liverpool.
At 12:00 pm ET, SNB board member Andrea Maechler delivers a
speech titled "Capital market developments and Swiss monetary
policy" at the SNB's Money Market Event, in Geneva.
The Federal Reserve Governor Lael Brainard speaks about
financial technology at the Third Annual Financial Stability
Conference hosted by the University of Michigan at 3:45 pm ET.
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